The key announcements are as follows:
- The Government is today announcing it intends to apply anti-money laundering regulation to digital currency exchanges in the UK, to support innovation and prevent criminal use. The Government will formally consult on the proposed regulatory approach early in the next Parliament.
- The Government is also announcing plans to work with the British Standards Institution (BSI) and the digital currency industry to develop voluntary standards for consumer protection.
- The Government is launching a new research initiative which will bring together the Research Councils, Alan Turing Institute and Digital Catapult with industry in order to address the research opportunities and challenges for digital currency technology, and will increase research funding in this area by £10 million to support this.
The ‘consultation process’ is going to be open which, because of the contacts we have already established, means that we have a very good opportunity to put our views forward and influence further the attitude of the UK Government’s legislative agenda.
This is very good news for all of us in the LEOcoin community.
Please share this with all your teams and contacts and use it in your Merchant recruitment activities.
We will keep you informed of further developments.