UK Expands Anti-Money Laundering Rules To Cover Crypto

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December 5, 2017

The U.K. is aiming to boost regulation of bitcoin and other cryptocurrencies by giving the European Union (EU) expanded anti-money laundering rules that would require traders to say who they are and report any activity that appears to be suspicious.

According to news from Reuters, citing Stephen Barclay, economic secretary to Britain’s Treasury, the British finance ministry told Parliament in a notice back in November but reported Monday (Dec. 4) that the changes “bring virtual currency exchange platforms and custodian wallet providers into Anti-Money Laundering and Counter-Terrorist Financing regulation.”