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Two More Countries Embracing for Bitcoin Laundering as France Decides on ICOs

Oct 31, 2017 Posted /  2097 Views

Two More Countries Embracing for Bitcoin Laundering as France Decides on ICOs

UK Finally got it stand on the Risks Associated with Bitcoin

The United Kingdom recently finalised its assessment on the risk of violations Bitcoin brings on to the existing Anti Money Laundering Regulations and Anti Terrorist Financing Regulations. The Uk concluded that according to its assessment Bitcoin carries very low risks of violating both of these two regulations. The UK National Crime agency has determined that Bitcoin pose a low risk as far as money laundering is concerned but expressed concern that high volumes of in small amounts are always laundered through Bitcoin. According to a report published by the Her Majesty’s Treasury, the Finance Ministry in the Uk, the Uk government has determined that Cryptocurrency pose a very low risk as a financing tool for terrorists. However the same report that followed up an earlier report by the Finance Ministry two years ago indicates that with increasing Bitcoin usage in the UK the risk of Money being laundered through Bitcoin increases. However the government in this report was so certain that risks of Bitcoin being used to finance terrorism activities in the Country.

Taiwan to update it’s AML Regulations

Meanwhile in Taiwan, Regulators are looking forward to incorporate Bitcoin Anti Money Laundering Regulation into the Country’s financial Regulations. The governor of the central Bank of Taiwan believes that it’s best for the country to incorporate Bitcoin Trading into the country's notification system for purposes of curbing money laundering in the country. Mr Perng Fai-nan made this remarks during to respond to questions from legislators during the 44th annual meeting of the Asian Development Bank. This follows a recent move by the Taiwan govern to set up an anti Money laundering Headquarter. However Taiwan has been careful not squeeze the cryptocurrency industry with hard regulations and would affect development in the industry.

France wants to know what the Public think about ICOs

On the other hand the French administration is considering carrying out a public stake holder’s meeting to collect public views on ICOs.  the financial regulator in France, Autorite des Marches Financiers (AMF) requested to conduct a public consultation before developing regulation to government ICOs in France. The AMF will continue collected but opinion on ICOs upto december 22nd of this year. The AMF is pledging more resources to research ICOs and its possible effect to the Economy of the country. The regular believes that a clear understanding of ICOs will allow the country to use it for it’s best benefits. To make it a known subject to the Entire france the AMF will conduct an in depth impact Analysis within a period for one year. This will improve the knowledge base on ICOs by the authority and help in formulating the most appropriate regulations.

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Tags: icos risk of Money risks of Bitcoin bitcoin AML Regulations Taiwan United Kingdom France understanding of ICOs bitcoin exchange

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