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Digital Currency - Compliance

The use of digital currency in the UK is unregulated. There are no laws or regulations that apply specifically to Bitcoin and other forms of digital currency. Mainly because there are some regulations now, for example in New York.

Maybe you are considering using Bitcoin but are a little sceptical about using it because of the lack of a regulatory framework. This is entirely understandable, but with specialist digital currency solicitors advising you on the wider compliance issues, you should feel confident in going ahead with what is an increasingly popular – and legitimate - form of payment.

Businesses must comply with regulatory requirements relevant to their business including, for instance, the money laundering regulations apply to certain sectors. The use of crypto currency introduces significant money laundering risks. So if, for instance, you are a professional services firm you have strict anti-money laundering obligations to comply with. If you use digital currency, your compliance processes and procedures must take this into account. Taking effective steps to mitigate the risks associated with money laundering and digital currency is critical.

You must also comply with other related regulatory requirements, for instance, the use of client money. To remain within the rules, it may be appropriate only to use digital currency in relation to settling bills, and accepting it for small payments. Our specialist digital currency lawyers have the expertise and regulatory insights to advise you on this issue in relation to your use (or proposed use) of digital currency.

Companies and directors also have a number of general duties they must comply with, including corporate governance and reporting and auditing responsibilities. It is important for businesses using Bitcoin to maintain monitoring their use of it (or other crypto currency) to determine whether it is likely to adversely impact their operations. You should also assess the risks and benefits of becoming involved.

A compliance officer should ideally be iappointed to ensure your business is complying fully with the regulations. Effective corporate governance arrangements should also be implemented. How, for instance, will managers/compliance officers monitor and review risks identified? Are your staff being appropriately and regularly trained in the relevant policies and procedures?

Whilst we await regulation of this fast-moving technology, Selachii is keeping a close eye on regulatory developments. This allows us to advise our clients promptly if a development will potentially impact their business operations.

How Selachii Can Help

Selachii is a dynamic litigation law firm based in Kensington, London. Our specialist crypto currency and Bitcoin solicitors are highly experienced in the risks associated with Bitcoin. We put the best interests of our clients at the heart of everything we do. We work with both businesses and private individuals, giving them legal advice and support which is unique to them and their situation.

We don’t believe in simply handing out one-size-fits-all solutions to problems. We will focus on your specific circumstances before working out the best and most cost-effective way of helping you achieve your aims.

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MLA 2017 18 Shortlisted 2