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UK Treasury to regulate crypto currencies

KYC - AMLWe’ve been saying it for months, and now you know what we said was true.

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.

Buy here https://exchange.scotcoinproject.com

Scotcoin moves to private blockchain

PRESS RELEASE: 23 October 2017 – SCOTCOIN TO MIGRATE TO ITS OWN PRIVATE BLOCKCHAIN

The Scotcoin Project is pleased to announce that it has awarded the contract to manage the migration from the Counterparty blockchain to its own private blockchain to Scotesq, a fintech company based in Edinburgh, Scotland.

The new blockchain will remove intermediate currency risk allowing participants in the ecosystem to move directly between Sterling and Scotcoin.  The new blockchain will also comply with Financial Conduct Authority ‘Know Your Customer/Anti Money Laundering (KYC/AML)’ obligations.

The investors’ objective and desire is for the Scottish Government to approve Scotcoin as the country’s unofficial cryptocurrency.

Willie Fleming of The Scotcoin Project said:

“We are proud to announce this important milestone in the development of the currency.  Regulation is coming to the crypto world, an evolution we both embrace and welcome.  The adoption of KYC/AML responsibilities will assist Scotcoin in gaining the legitimacy and respect necessary for Scotcoin to play its rightful role in Scotland and Europe’s economy.”

David Low of Scotesq said:

“We are delighted to work with The Scotcoin Project on this important development of the Scotcoin ecosystem which will ensure all work associated with the migration will stay in Scotland.”

Notes for media:-

Scotcoin is a crypto currency established in 2014 by Derek Nisbet, a Scottish fintech entrepreneur.  It operates on the Bitcoin blockchain using the Counterparty protocol and has a market value of 10 million USD placing it in the top 200 of global crypto currencies as measured by the USD value.

In 2016 all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors, David Low and Temple Melville

The investors’ desire is for the Scottish Government to approve Scotcoin as the country’s unofficial cryptocurrency.  It is acknowledged that currency is not a devolved responsibility whilst Scotland remains part of the UK.  Scotcoin could only become an official currency if Scotland was independent of the UK or current legislation was changed.

Media Contact: Willie Fleming – 07494 540764  [email protected]

BUY SCOTCOIN @ Exchange.ScotcoinProject.com