The Treasury is set to unveil plans to regulate Bitcoin in the coming year amid fears the cryptocurrency is being used to launder money and avoid tax.
The measures will include forcing traders to disclose their identities and report suspicious activity, according to The Telegraph, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation. John Mann, a member of the Treasury Select Committee said the new rules will be applied across the European Union and will come into force by the end of this year or in early 2018. Bitcoin and other digital currencies can be traded anonymously, making it attractive to those who wish to 'wash' money or those looking to avoid paying the correct tax. Mann w...
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