Digital asset firms continue to flounder in face of strict UK regulations
Rishi Sunak’s vision of the U.K. becoming a global hub for Bitcoin will likely come true, and the U.K. will be better off for the strict approach it has taken from the outset.
Rishi Sunak’s vision of the U.K. becoming a global hub for Bitcoin will likely come true, and the U.K. will be better off for the strict approach it has taken from the outset.
The U.K.’s FCA revealed that since January 10, 2020, 291 digital asset firms have applied for registration under the 5th Anti-Money Laundering Directive (5MLD), but only 38 firms were approved.
The British Overseas Territory recently announced the new regime for virtual asset service providers, with the Ministry of Financial Services publishing a preliminary set of rules with immediate effect.
British government is looking at increasing the regulation of cryptocurrencies like Bitcoin to fight against criminals.