News that the UK government will seek to regulate digital currencies made waves in the local startup community.
The UK Treasury report, revealed as part of chancellor George Osborne’s annual budget, outlined plans to curb criminal activity via AML (anti-money laundering) regulation and allow digital currency companies to opt-in to standardised consumer protections following May’s election. The government also proposed injecting £10m into research on digital currencies as part of its larger pledge to innovation in FinTech.
While many of the 120 submissions that informed the Treasury’s plans came from payment bodies, banks, academics, consultancies and fellow government agencies, bitcoin companies also weighed in on the future of digital currency regulation in the UK.
Now that the report and its conclusions are public, are the UK’s crypto startups happy with the balance that has been struck? We tracked them down to find out.
Chief among the Treasury report’s proposals was the introduction of anti-money laundering regulation for digital currency exchanges operating in the UK.
The exact scope of this regulation (and the regulator enacting it) will be up for debate in the next parliament,