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Uk Crypto assets law as property

UK Set the Date for Discussion of Law Regulating Digital Assets and Cryptocurrency Exchanges Activities

Bitcoinist
by Bitcoinist
6 years ago
·
Posted in Press releases
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitlish is pleased to have been invited to join Her Majesty’s Treasury’s (HMT) and Financial Conduct Authority’s (FCA) preliminary discussions in July 2019 concerning the advent of the EU’s 5th Money Laundering Directive (5AMLD). 


The discussions will focus on how the Government plans to apply Anti-Money Laundering (AML) requirements to the cryptoasset activities including exchanges and leading to a possible supervisory regime. Bitlish’s MLRO, Christine Drabble, along with other leading industry experts and policymakers, will participate in the discussions on implementation, potential FCA fee structure and how it may apply.

Bitlish is working closely with industry partners and regulators in the best interests of our customers to understand and assess how 5AMLD will impact on our business operations. Currently, we are reviewing the guidance of the Financial Action Task Force’s (FATF) global standards for anti-money laundering and financing of terrorism (AML/CFT). Adherence to regulatory obligations is very important to Bitlish as we continue to provide products and services to our global customer base.

On 6-7 May in Vienna, FATF held a consultative forum on cryptocurrencies and virtual assets. The forum looked at how countries would be required to draft AML regulations applicable to a broad range of cryptoasset service providers and platforms, and the effectiveness and enforcement of their cryptoasset regulatory frameworks. New recommendations were issued on how regulated cryptoasset businesses should adhere to the existing wire transfer requirements used by banks and other mainstream financial institutions with the goal of providing the same level of information for the recipients of cryptoasset transfers.

While Bitlish awaits an update from the FATF’s report, the meeting with HMT and FCA will enable us to address these issues based on identified risks facing the cryptoasset sector while upholding the ultimate objectives of regulators. We are excited to be a part of this evolving regulatory landscape whilst ensuring a safe and trusted delivery of our products and services to our global customer base.

Bitlish is a UK registered company with a LEI issued by the London Stock Exchange. The company runs a cryptocurrency exchange platform and multi-cryptocurrency wallet. The exchange provides infrastructure for trading 5 fiat currencies (Pound sterling, Euro, US dollar, Japanese yen, Russian ruble) and 13 cryptocurrencies. Verified customers are able to deposit and withdraw fiat funds in over 100 countries by wire bank transfers, Visa and Mastercard, and 30+ other payment options. Services are available through the main website and a multi cryptocurrency wallet for iOS and Android.


 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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