Digital Currency - Regulation
Digital currency is increasingly popular but it remains unregulated. There are no laws or regulations that specifically apply to Bitcoin and other forms of digital currency. In the absence of a regulatory framework, there are clear risks.
Digital currency is exposed to fraud, money-laundering and illegal transactions, and there is increased risk, for instance, to consumers and other businesses from poorly run ‘bitcoin service providers’ with potentially no remedy.
The UK Government has said it plans to introduce regulations - notably that it will apply anti-money laundering (AML) rules to digital currencies. The European Commission has also called for regulation to combat the abuse of digital currency by terrorists using it to finance their operations. The specialist Bitcoin and digital currency solicitors at Selachii advise clients on what is a dynamic, fast changing industry. We are proud to be part of a wide Bitcoin network and are always ahead of the game concerning regulatory announcements.
We are keeping a close eye on developments in the regulation of digital currency and the potential impact on clients’ business dealings.
What you can do
It really is a waiting game when it comes to regulation of digital currency, but preparation for forthcoming regulation is key. In addition to the clear potential for criminal activity, there are significant commercial risks associated with using digital currencies. There are also the potential reputational risks with being associated with a crypto currency that is as yet unregulated. Taking steps to prepare for regulation is vital.
We are able to look at your existing use of Bitcoin or other digital currency, and recommend the best steps you can take to ensure your business is in the best position to comply with any forthcoming digital currency regulation. This might include conducting due diligence, monitoring your clients, corporate governance, and ensuring you have an effective and efficient report and audit trail.
Exercise caution
If you are dealing in crypto / digital currency, it’s important to take specialist legal advice. It is a dynamic industry and its use is increasing. Regulations are highly likely to impact on your use or proposed use of crypto currency. Our specialist solicitors are necessary to provide the regulatory guidance you need to navigate this cutting-edge and increasingly trendy form of currency.
There are also wider general Compliance issues that businesses should be aware of.
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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