Economic Secretary Highlights UK Commitment to Develop Digital Currency “Regime”

In a speech at the Alan Turing Institute for Data Science last week, UK Economic Secretary Harriett Baldwin emphasized national efforts to create a regime for digital currencies and a commitment to regulate digital currency...

FCA opens Regulatory Sandbox

On 9 May the UK FCA announced the opening of its ‘regulatory sandbox’ to firms. If you have an innovative idea then subject to meeting the conditions (here), then you should apply to join the...

FCA provides details on Regulatory Sandbox at Global Innovate Finance conference

Christopher Woolard, Director of Strategy and Competition at the FCA gave a speech at the Global Innovate Finance conference 11 April 2016, whereby he outlined details on the regulatory 'sandbox' which they are due...

Money Laundering Regulations 2007 – UK

Money Laundering Regulations 2007 (MLR) ONLY applies to regulated businesses in the UK. These place proactive obligations on regulated firms to conduct customer due diligence, record keeping. Some of the requirements are as follows: Application of customer due...

Are you trading a digital currency derivative? UK

Financial Markets Act 2000 (FSMA) is the main legislation regulating the financial services industry. This may affect you if you are trading digital currency derivatives in the UK. Core prohibition under s.19 FSMA: "(1)No person may...

FCA and ASIC Co-operation Agreement

UK Financial Conduct Authority and Australian Securities & Investment Commission have agreed a co-operation agreement. The purpose of the agreement is to improve sharing of information between the regulators and refer fintech businesses from their...

UKGC to Monitor Digital Currencies

The 2015-2016 Annual Report of the UK Gambling Commission includes a statement from Chief Executive Sarah Harrison. The Chief Executive refers to computer gaming and e-sports (competition based video game tournaments) as raising questions for...

UK HMT not intent on regulating wallets

Action Plan for anti-money laundering and counter-terrorist finance from HM Treasury dated April 2016. HMT confirms that they will extend scope of AML requirements to digital currency exchanges however they will not try to capture...

Equiping UK Prosecutors with effective powers to seize virtual currency

Yesterday, the Crown Prosecution Service (CPS) made submissions to the Home Affairs Committee regarding the need to have new laws to give better powers to the CPS to seize bitcoins from offenders. The Evening Standard picked up...