The UK Digital Currency Association (UKDCA), the advocacy group for digital currency and block chain technologies, welcomes today’s government response to their call for information on digital currencies.
The UK Digital Currency Association (UKDCA), the advocacy group for digital currency and block chain technologies, welcomes today’s government response to their call for information on digital currencies. By providing regulatory clarity and legitimacy to digital currencies and related businesses, specifically around anti-money laundering requirements, the UK is set to become the most attractive place in the world to establish a digital currency business.
The government’s conclusions concur with the UKDCA’s own recommendations to the Treasury – that digital currency exchanges, in particular, should be subject to the Money Laundering Regulations.
The UKDCA also instigated the development of standards in this area with the British Standards Institution and will be leading the digital currency industry’s involvement with BSI on the administration of this process. The government fully supports the BSI and the digital currency industry working to develop standards in this area.
UKDCA board member, Paul Gordon said “Today’s announcement is significant in that it brings bitcoin and other block chain technologies closer to mainstream adoption. The UKDCA is pleased that its recommendations have been adopted and will be leading the process with the BSI to develop industry standards”.
The UKDCA has been highly active in lobbying policymakers and regulators, and was heavily involved in the Treasury’s consultation process on this issue. In March 2014, UKDCA members were instrumental in persuading HMRC to revise their guidance on the taxation of digital currencies.