New Economic Crime Bill of UK will include restrictions on crypto
The UK government is reportedly working on its new bill to control the illegal funding activities, which includes the crypto industry also.
The United Kingdom is popularly known as a blockchain-friendly region in the world but still its stances on the crypto industry have not always remained better, hints that UK government agencies have fear from the crypto industry because of the anonymous feature of transactions through multiple private blockchain networks.
Recently Financial Times published a report on the new efforts of UK government agencies. According to the report, the new bill will provide enhanced control to the government agencies to regulate the financial systems-based transactions, which targets the crypto industry significantly.
The Economic Crime Bill of the UK will restrict the flow of funds involved in illicit activities. The report noted that such initiatives by the UK agency are under consideration because of the global sanctions imposed on Russia to keep Russia isolated from the Global financial market.
Earlier, Many Media reports noted that the UK government is working on many reforms to address regulatory failings regarding economic crime. Under those efforts, every crypto company was required to register with the Financial Conduct Authority (FCA) within March 2022, to comply with the rules of Anti Money Laundering.
In January of this year, FCA noted that more than 218 crypto companies were facilitating digital assets trading but were not registered.
Report noted:
“While we acknowledge the need to ensure that the gateway for registration of crypto-asset firms for anti-money laundering should be a rigorous process, registration has been too slow. It needs to be speeded up, and the government should work with the FCA to find a solution.”
However, rules and regulations imposed by the UK are much favorable to the traditional financial system but experts noted the UK doesn’t want the circulation of crypto and if the UK will do work for the crypto industry continuously then surely the UK will have stances just like the EU on crypto.
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