UK Treasury will introduce strict rules of bitcoin

They will lead the effort into regulating cryptocurrencies
04 December 2017   947

The British government is going to introduce strict regulations of bitcoin and other cryptocurrencies. They hope that these measures will help to combat crimes during tax evasion and money laundering. In this way cryptocurrencies will be under the purview of anti-money laundering and counter-terrorism financing legislation.

We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation.

 

Spokesperson of the UK Treasury

Some British media like The Sun and The Telegraph have named this statement as a ‘crackdown on cryptocurrencies’. Also the Treasury’s intent to regulate cryptocurrencies comes amid reports of drug dealers in London allegedly laundering cash at bitcoin ATMs in the city.

The plan to introduce regulations for cryptocurrencies was first revealed by the economic secretary to the Treasury Stephen Barclay in late October 2017 year when he was speaking in the UK Parliament.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   108

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.