The United Kingdom Treasury has announced plans to regulate the trading and transfer of cryptocurrencies with a view to cracking down on money laundering and tax evasion. The regulations have not yet been specifically stipulated, but will certainly include anti-money laundering (AML) and know your customer (KYC) requirements.
The regulation is intended to take force before the end of 2017, or just at the beginning of 2018. The increased regulations, in line with the directives in the EU, are intended to limit the amount of anonymity possible for cryptocurrency traders.
So there you have it. We at Scotcoin are ahead of the curve and putting in place everything needed to comply with all regulatory requirements. We are very confident in our position and delighted to be confirmed as on the side of the good guys.
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