UK Treasury Committee Sets Sights On Virtual Currency

The UK’s influential Treasury Select Committee has announced it will examine the position of virtual currencies in the UK, looking at potential changes to regulation in the space.

Douglas Clerk-Williams, of PaymentCompliance approached the British Blockchain Association for comment.

“It is indeed crucial that public institutions develop an independent assessment of the blockchain and crypto-currency industry, in order to set credible standards and correct possible market imbalances,” Dr Naseem Naqvi, co-found of the British Blockchain Association, said to PaymentsCompliance.

“Decentralised crypto-currencies operate on a public ledger, which works in a peer-to-peer fashion.”

“While there is a degree of pseudonymity in how public blockchains operate, there are certain ‘checkpoints’ where safeguards can be taken to ensure anti-money laundering and counter-terrorist financing policies are in place through implementation of know your customer,” said Naseem Naqvi of the British Blockchain Association.

Visit //paymentscompliance.com/premium-content/insights_analysis/uk-treasury-committee-sets-sights-virtual-currency for the full story.