The UK Treasury plans to implement Introduce regulations covering Bitcoin and other digital currencies end 2018. The agency is increasingly worried virtual currencies could be used in illegal activities like money laundering and tax evasion in because of their growing popularity.

Under the legislation intended to cover the entire European Union, cryptocurrency traders will be forced to disclose their identities and report any suspicious activity that they could discover in the virtual trade of currencies.

This decision of the British government could cause confusion among the players in the industry because the majority of the exchanges in the country are already in line with know your customers (KML) and laws against money laundering. 39, silver (LBA).

State of the cryptocurrency market in Great Britain

The proposed regulation could be implemented by the British government immediately due to the booming digital currency market in the country. The continued increase in their prices in the market, especially Bitcoin, which has attracted a lot of people, who could be incentivized to invest in chips because of their soaring prices.

The lack of regulation in place to regulate the trade and use of digital currencies can put the money that will be invested by people at very high risk.

According to a spokesman for the UK Treasury, the new cryptocurrency regulation could be implemented by the end of 2018. However, this tentative date could still be changed, and the specific details of the proposed regulations are not yet determined for the moment.

It is also expected that more digital currency laws will be introduced by different EU countries in the near future. It remains to be seen, however, whether these expected regulations will have a major impact on individual users.