WebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Business
  • Markets
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Business
  • Markets
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
WebsCrypto
News

Crackdown on Crypto Crime: UK Sets Out Plans

By Simon LawsonApril 1, 20232 Mins Read
Crackdown on Crypto Crime: UK Sets Out Plans
Share
Facebook Twitter Telegram LinkedIn Reddit Email

The UK’s latest three-year economic crime strategy unveiled on Thursday indicated that the Department for Treasury and Home Office have plans to strengthen the control of crypto-currency money launderers and thieves.

Targets such as reducing fraud, limiting money laundering, recovery of criminal assets, tackling theft and reducing sanctions avoidance have been outlined in the plan. The UK anticipates that future criminals will use unregulated crypto-currency exchanges and services, which requires greater coordinated enforcement actions between countries.

The Financial Conduct Authority (FCA) has been closely working with international peers on a “bilateral basis” to exchange information.

Increased Regulation

UK regulators will draw on European-wide and international measures to counter the threat from money laundering and related financial crimes, ensuring compliance with the EU’s Fifth Money Laundering Directive and the FATF anti-money laundering recommendations.

Businesses will be made to tighten up their controls, including those dealing in crypto assets, and all related activities within the scope of the Fourth, Fifth and Sixth Anti-Money Laundering Directives. The report notes, however, that the extent to which these proposals become reality remains unknown.

Crypto-Enforced Sanctions

The government is also working co-operatively with other jurisdictions to develop the use of crypto-enforced sanctions, such as those recently seen in the US targeting the sanctioned Venezuelan state-issued petrol currency.

This would aim to replace traditional sanctions enforcement measures, such as freezing assets, with the use of blockchain technology, including smart contracts and distributed ledger technology.

What Does This Mean for the Crypto Industry?

The UK plans to demand an increase in blockchain transparency and accountability from businesses, putting an emphasis on the battle against illicit crypto-currency activities.

  • Greater accountability and transparency will be required from blockchain companies and organisations
  • UK regulators plan to draw on European and international measures to combat money laundering and financial-related crimes
  • FATF anti-money laundering recommendations will have to be followed
  • Crypto-enforced sanctions such as those seen in the US may become more widespread

As part of their lastest plan, the UK government is determined to take a global lead in the fight against cryptocurrency crime, and to ensure the continued success of the crypto sector as well as greater confidence from consumers.

The legal measures taken to create a safe, secure and responsible crypto-assets sector by regulators and governments worldwide could prove to be a major turning point for the future of Bitcoin and cryptocurrencies.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Bitcoin Blockchain Crypto Cryptocurrency Exchange Headlines Regulation

Related News

In the Past Two Months, More Than 30 Million BUSD Were Destroyed Every Day, Leading the New Trend of the Crypto Market

Vaynermedia CEO: Digital Collectibles Won’t Be the Biggest Avenue for NFT Growth

The U.S. House of Representatives Proposes a Draft of a New Digital Asset Bill, Proposing to Establish a CFTC-SEC Digital Asset Joint Advisory Committee

Japan’s New Stablecoin Framework Could Prompt US Action

U.S. CFTC Considers Changing Risk Management Rules to Include Cryptocurrencies

Central Bank Of Kenya: The Attractiveness Of CBDC Has Weakened And Will Continue To Pay Attention To Its Development

The Latest
Markets June 5, 2023
In the Past Two Months, More Than 30 Million BUSD Were Destroyed Every Day, Leading the New Trend of the Crypto Market
News June 5, 2023Updated:June 5, 2023
Vaynermedia CEO: Digital Collectibles Won’t Be the Biggest Avenue for NFT Growth
News June 5, 2023Updated:June 5, 2023
The U.S. House of Representatives Proposes a Draft of a New Digital Asset Bill, Proposing to Establish a CFTC-SEC Digital Asset Joint Advisory Committee
News June 5, 2023Updated:June 5, 2023
Japan’s New Stablecoin Framework Could Prompt US Action
News June 3, 2023Updated:June 3, 2023
U.S. CFTC Considers Changing Risk Management Rules to Include Cryptocurrencies

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter LinkedIn Telegram RSS
Categories
  • News
  • Markets
  • Business
  • Markets
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Tags
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Regulation
  • Policy
About
  • About Us
  • Contact Us
  • Advertise
  • Crypto Prices
  • Privacy Policy
  • Terms of Service
© 2023 WebsCrypto.

Type above and press Enter to search. Press Esc to cancel.