UK Government Eyes Regulation for Bitcoin

The UK government is eyeing regulating Bitcoin as the cryptocurrency soars to record highs attracting speculators who are looking to make a handsome profit, anonymously.

Anonymous Trading

Speculators at present can trade cryptocurrencies anonymously and can avoid taxes, and launder money without disclosing their identities. This has become a grave concern for many governments. China recently banned cryptocurrency exchanges citing that it was risky and it attracted criminals.

The UK Wades In

Bitcoins rise of 1,000 percent in value so far this year has banks and MPs concerned with the treasury wanting to regulate the cryptocurrency and looking at ways to step up regulation, under European Union anti-money laundering rules. This would force traders to reveal their identities and give transparency to their dealings.

John Mann, the Treasury Select Committee member said in an interview that the Government is going to have discussions over the regulation of digital currencies. With the money laundering, terrorism and theft from the rapidly expanding forms of exchange it is important that they do not get left behind, or have a regulatory lag, he said. By the end of December or the beginning of next year he expects the changes to the EU-wide rules which are under negotiation to come into effect.

On the Coin Exchange cryptocurrency trading platform on Sunday night Bitcoin was at a record high of $11,879, settling at $11,253 in early morning trading on Monday. There is currently around 16.5 million bitcoins in circulation with 3,600 new coins created each day.

Looking for a regulated binary options broker that has great features for trading Bitcoin?

FiNMAX offers traders a variety of excellent features for trading cryptocurrency Bitcoin, such as:

• A demo account with the same features as the live trading account, with no expiration period. This means traders can hone in on their skills before investing
• Advanced trading platform with many features that comes with social trading
• Bonuses of up to 100% + risk free trades
• Education program with free webinars
• High returns of up to 90%
• Mobile trading

Click here to trade with Finmax!

*Trading Binary Options and substantial risk and may lead to loss of all invested capital. Make sure that you are not trading money that you cannot afford to lose.

Leave a Reply

Menu

compariZone