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The cryptocurrency trade in the United Kingdom presents a "low risk" for money laundering and terrorist financing activities, according to a report released last week by the Financial Action Task Force (FATF), a global policymaker against money laundering .
The relationship states that while such activities are an 'emerging risk', there is not yet sufficient evidence to suggest that they are occurring through cryptographic exchanges.
The regulatory authority, however, has asked the British authorities to work on a plan to extend money laundering and terrorist financing in the cryptic sector, as well as elsewhere, in order to address potential risks.
The FATF asks the United Kingdom to:
"Continue to develop an understanding of emerging risks (such as virtual currencies) and intelligence gaps and take appropriate measures."
L & # 39; U.K. he acknowledged that there are "inherent vulnerabilities" associated with the anonymity of digital currencies, the report says.
As a result, the nation is planning to regulate the cryptocurrency trade in the context of its implementation of the fifth EU anti-money laundering solution. directive and monitor the exchange services between cryptocurrencies and fiat, as well as portfolio suppliers.
The report arrives in the accumulation period before the FATF problems a guide to global cryptocurrency regulation, expected by June 2019. The guide will illustrate how nations should govern cryptographic exchanges, companies offering initial coin offerings (ICOs) and digital portfolio providers.
This initiative comes in response to the leaders of the G20 nations who requested international coordination on the matter and last week reaffirmed their commitment to regulate crypto-assets.
"We will regulate the crypto-goods for money laundering and fight terrorist financing in line with FATF standards and we will consider other responses if necessary," they said.
Also the Office of Terrorism and the Financial Intelligence of the US Treasury named on the international community at the beginning of this year for stricter regulations on cryptocurrency.
Image of London via Shutterstock
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