Meanwhile, the United Kingdom and several countries of the European Union plan severe measures on cryptocurrency due to the fear that they are being used for money laundering and tax evasion.
The British Treasury intends to regulate Bitcoin and the other cryptocurrencies to bring them in line with the anti-money laundering and anti-terrorism financial legislation. The brokers will be forced to facilitate the identities, thus ending the anonymity that supposedly has made this currency so attractive for the drug business and other illegal activities.
Under the EU plan, the online platforms where Bitcoins are traded will have to track customers and suspicious transactions. The British government is negotiating the amendments on the anti-money laundering directive to make sure that the activities of the companies are supervised by the national authorities.
The Treasury stated: We are working to focus on the concerns about the use of cryptocurrency when negotiating to bring those virtual currency platforms and some portfolio providers within the financial regulation against money laundering and against terrorism.
It is important to remember that the National Securities Market Commission, the CNMV, has collected during this week the warning of the Financial Markets Authority, according to its acronym AMF, which is the French supervisor, on the risks to Bitcoin investment.
The regulations are expected to be effective in the coming months. The British Treasury said that digital currencies could be used to enable and facilitate cybercrime. “There is little evidence that they are being used for money laundering, although this risk is expected to increase.”
Those responsible for Goldman Sachs and JP Morgan have criticized Bitcoin for considering it a vehicle to commit fraud and other crimes. However, Sir Jon Cunliffe of the Bank of England said last week that cryptocurrency was too small to pose a systemic threat to the global economy and added that bitcoin investors had to do their homework.
A member of Parliament, John Mann, elected member of the House of Commons committee, suggested that Parliament would monitor the regulation of cryptocurrencies. “These new forms of change are expanding rapidly and we have to make sure we do not fall behind. That is especially important in terms of money laundering, terrorism or just theft. ”
Stephen Barclay, the economic secretary of the Treasury established the government’s plans in a letter in October. The government is currently negotiating amendments to the anti-money laundering directive that will bring the virtual currency to the current platforms and to the custodians of the portfolios within the financial regulation against money laundering and counter-terrorism, which will result in these activities being supervised by the competent national authorities.
Let’s recall that the Bitcoin has surpassed the limit of $18,000 per Bitcoin.