U.K. reveals its plans for Bitcoin regulations
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The United Kingdom’s treasury has issued a new report identifying broad plans for future regulation of digital currencies like Bitcoin.
The document says the government plans to develop anti-money laundering legislation that allows for financial innovation, but prevents illegal use of Bitcoin and other digital currencies. New legislation will also provide law enforcement the ability to seize Bitcoin and other related assets in a criminal investigation. In addition to legislation, the report outlines plans to train law enforcement on how to identify criminal activity related to digital currencies.
The treasury also says that government officials will need to develop best practices for using Bitcoin as well as a standard of consumer protections.
Along with planned initiatives for bringing digital currency into the fold, the report also allots $14.6 million (£10 million) towards research on digital currency. The money will bring together the U.K. Research Councils, Alan Turing Institute, and Digital Catapult to delve into uses for digital currency as well as some of the challenges surrounding it.
To see the full report, click here.
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