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...

Cryptocurrency Regulation in the UK

Although, the UK stands as the hot spot for leaders in Fintech innovation and financial entrepreneurs, with regard to cryptocurrency, the UK seems to be falling behind for the title of “world leader”. ....

The increasing use of Blockchain pushes for Law Reform regarding the use of Smart...

The UK Commission has recently launched research projects in order to bring legal clarity and certainty to the use of blockchain-based smart contracts. The Commission has already carried out some preliminary research on the...

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...

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...

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...

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...

UK likely to flourish in the Blockchain and cryptocurrency sector with potential to hold...

The UK is estimated to become the worldwide leader in blockchain technologies and the crypto economy. This comes after Britain was concluded to have all the required resources, as well as industrial and government...

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...

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...