This week’s news that the UK government will seek to regulate digital currencies made waves in the local startup community.
The UK Treasury report, revealed on Wednesday as part of chancellor George Osborne’s annual budget, outlined plans to curb criminal activity via AML (anti-money laundering) regulation and allow digital currency companies to opt-in to standardised consumer protections following May’s election. The government also proposed injecting £10m into research on digital currencies as part of its larger pledge to innovation in FinTech.
While many of the 120 submissions that informed the Treasury’s plans came from payment bodies, banks, academics, consultancies and fellow government agencies, bitcoin companies also weighed in on the future of digital currency regulation in the UK.
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