Zurich+41 435 50 73 23
Kyiv+38 094 712 03 54
London+44 203 868 34 37
Tallinn+372 880 41 85
Vilnius+370 52 11 14 32
New York+1 (888) 647 05 40
The UK wants to reproduce reported amendments to the cryptocurrency regulations in the UK – Economic Crime and Transparency law to permit the quick take of crypto-assets connected to terrorism.
The UK Financial Conduct Authority (FCA)has taken control of the British AML and CTF rules in operations related to cryptos. Due to this, any UK-based cryptocurrency exchange operations have to be FCA enrolled, while certain enterprises that deal in virtual assets may be able to do so by obtaining an e-license instead.
British governance simplified the procedure for law performance to take crypto used in criminal activity.
This is done to make sure that all law-enforcement agencies, especially those who deal with counter-terrorism, have the power they require to successfully confiscate, and freeze crypto-assets that may or may not have been utilized for terror-related actions.
The Home Department aims to take action against the growing usage of crypto-assets for criminal and terror-related actions.
Parliament is presently debating the Financial Services and Markets law that will give the nation’s controllers additional capability to control digital money.
Residents in the UK are permitted to crypto purchasing and trade under local ordinances. Of course, they have certain exceptions. The FCA highlighted five main justifications for the prohibition:
Besides, it is prohibited the selling of cryptocurrency agreements between two parties that derive their value/price from an underlying asset to retail customers.
Additionally, the prohibition does not apply to institutional businesses or expert traders, who have historically had entry to financial mechanisms that are riskier than those available to the general public.
Please contact us to get more information.
You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.