UK Treasury will introduce strict rules of bitcoin

They will lead the effort into regulating cryptocurrencies
04 December 2017   1506

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.

SEC to Decide on Bitcoin ETF until Feb 27 2019

Despite this news, Bitcoin price hit another bottom - $3400 this time
07 December 2018   97

The US Securities and Exchange Commission (SEC) issued a notice stating that consideration of a decision on an application to start Bitcoin-ETF from VanEck and SolidX with the assistance of CBOE will last until February 27 of next year.

According to the SEC rules, the period for consideration of this decision cannot be extended yet. Thus, the Commission on maximum uses the allotted time, and February 27 will be the final date for the decision on this application.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.

Securities and Exchange Commision

According to representatives of the SEC, to date, the Commision has received more than 1600 comments on this application.

Despite this news, Bitcoin price hit another bottom - $3400 this time.