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Question for HM Treasury

UIN HL3205, tabled on 14 November 2017

To ask Her Majesty's Government whether they intend to bring forward proposals to bring digital currency exchanges under money laundering regulations.

Answered on

28 November 2017

The Government is currently negotiating amendments to the 4th Money Laundering Directive that we expect to bring virtual currency exchange platforms and custodian wallet providers into the scope of Money Laundering and Counter-Terrorist Financing regulation. This will require such firms to conduct due diligence upon their customers, with their activities being overseen by national competent authorities for these areas. The government supports the intention behind these amendments. We expect these negotiations to conclude at EU level in late 2017/early 2018.

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