23 MARCH 2015
Legal Framework on the Digital Transactions via Bitcoin in the United Kingdom

The United Kingdom promotes the enactment of a special legislation for the digital transactions within the scope of attempting to support this novelty, but simultaneously prevent any illegal activities in the newly-found online financial field. Thus, it is believed that the money laundering in transactions made with the digital coin Bitcoin can be defeated.

It is mentioned in a relevant document by the British Ministry of Finance that the matter of taking measures in order to deal with money laundering in digital transactions is to constitute an issue of parliamentary consultation. The formulation of the proposals is to constitute a central point of the consultation, so that it is ensured that the legal framework is providing the police with the necessary equipment for “the identification and prosecution of any criminal activity associated with digital transactions, including the seizure of digital assets when the transactions have a criminal purpose”.

In any case, Tom Robinson, member of the administrative council of the Electronic Transactions Association, stated from his point of view: “Today’s announcement is of the outmost importance, since it promotes Bitcoin as the commonly accepted way of realizing transactions.”

Source: Lawnet

Legal Framework on the Digital Transactions via Bitcoin in the United Kingdom

The United Kingdom promotes the enactment of a special legislation for the digital transactions within the scope of attempting to support this novelty, but simultaneously prevent any illegal activities in the newly-found online financial field. Thus, it is believed that the money laundering in transactions made with the digital coin Bitcoin can be defeated.

It is mentioned in a relevant document by the British Ministry of Finance that the matter of taking measures in order to deal with money laundering in digital transactions is to constitute an issue of parliamentary consultation. The formulation of the proposals is to constitute a central point of the consultation, so that it is ensured that the legal framework is providing the police with the necessary equipment for “the identification and prosecution of any criminal activity associated with digital transactions, including the seizure of digital assets when the transactions have a criminal purpose”.

In any case, Tom Robinson, member of the administrative council of the Electronic Transactions Association, stated from his point of view: “Today’s announcement is of the outmost importance, since it promotes Bitcoin as the commonly accepted way of realizing transactions.”

Source: Lawnet

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