Bitcoin: UK And EU Will Crackdown On Crime & Tax Evasion.

The UK and other EU governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion.

The British Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation. Traders will be forced to disclose their identities, ending the anonymity that has made the currency attractive for drug dealing and other illegal activities.

Under the EU-wide plan, online platforms where bitcoins are traded will be required to carry out due diligence on customers and report suspicious transactions.The rules are expected to come into effect next year.

The bosses of Goldman Sachs and JP Morgan have criticised bitcoin as a vehicle to commit fraud and other crimes. 
But Sir Jon Cunliffe, a deputy governor of the Bank of England, last week said the digital currency was too small to pose a systemic threat to the global economy. He also cautioned that bitcoin investors needed “to do their homework”. 

Bitcoin has trading trading at an historic high, reaching $17,000 at 12th Decenber, showing some indications of a speculative 'bubble'. 

The Labour MP John Mann, a member of the House of Commons Treasury select committee, suggested MPs would look into the regulation of virtual currencies. Speaking to the Telegraph he said: “These new forms of exchange are expanding rapidly and we’ve got to make sure we don’t get left behind – that’s particularly important in terms of money laundering, terrorism or pure theft. It would be timely to have a proper look at what this means. It may be that we want speed up our use of these kinds of thing in this country, but that makes it all the more important that we don’t have a regulatory lag.”

Stephen Barclay, the economic secretary to the Treasury, set out the government’s plans in a written parliamentary answer in October. “The UK government is currently negotiating amendments to the anti-money laundering directive that will bring virtual currency exchange platforms and custodian wallet providers into anti-money laundering and counter-terrorist financing regulation, which will result in these firms’ activities being overseen by national competent authorities for these areas.
“The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017 or early 2018.”

Guardian

You Might Also Read: 

Russian Arrested For $4billion Bitcoin Theft:

Would Killing Bitcoin End Ransomware?:

The Future Of Cash (£):
 

« Russia Is Providing North Korea With Internet Connectivity
Cisco & INTERPOL: Working Against Cybercrime »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

TNO Cyber Security Lab

TNO Cyber Security Lab

TNO Cyber Security Lab is a dedicated facility for innovative and experimental research with the goal of a safe and resilient cyberspace.

PrimaTech

PrimaTech

PrimaTech provide process safety, cyber and process security, and risk management consulting, training and software for the process industries.

CyberSeek

CyberSeek

CyberSeek provides detailed, actionable data about supply and demand in the cybersecurity job market.

Cloud Managed Networks

Cloud Managed Networks

Cloud Managed Networks provides enterprise grade IT network solutions for cloud-based and on premise network security, Wi-Fi, data switching, collaboration, device management and more.

German Israeli Partnership Accelerator (GIPA)

German Israeli Partnership Accelerator (GIPA)

GIPA is based on two pillars: it is an incubator aimed at young academics and a program to transfer cybersecurity expertise to corporate partners.

HackHunter

HackHunter

HackHunter’s passive sensor network continuously monitors, detects and alerts when a malicious WiFi network and/or hacking behaviour is identified.

360° Online Brand Protection

360° Online Brand Protection

360° Online Brand Protection have developed a response to monitor counterfeiting and piracy activity at the online point of sale.

ACA Group

ACA Group

ACA Group are a leading governance, risk, and compliance (GRC) advisor in financial services.

Field Effect Software

Field Effect Software

Field Effect Software build sophisticated and integrated IT security, threat surface reduction, training and simulation capabilities for enterprises and small businesses.

Techfusion

Techfusion

Techfusion is a cyber security research and consulting firm focusing on digital forensics and data recovery.

Immuta

Immuta

Immuta empowers data engineering and operations teams to automate data governance, security, access control & privacy protection.

Wisetek

Wisetek

Wisetek is a global provider of end-to-end IT Asset Disposition (ITAD), reuse and secure data destruction management services to the world’s leading IT Corporations, data centres and manufacturers.

Certihash

Certihash

Certihash have developed the world’s first blockchain empowered suite of information security tools based on the NIST cybersecurity framework.

StrongBox.Academy

StrongBox.Academy

StrongBox.Academy provides cybersecurity training courses that are tailored to the specific needs and challenges of the industry.

CUBE3 AI

CUBE3 AI

CUBE3.AI is a web3 security platform that provides real-time transaction protection for smart contracts, safeguarding against cyber exploits, fraud, and compliance risks.

EVVO LABS

EVVO LABS

EVVO Labs empower your business with the latest IT capabilities to get you ahead of your competitors. We are experts at converging technologies to build your digital transformation.