London reportedly plans to take stricter measures to monitor the cryptocurrency market in terms of legal compliance. The UK government has unveiled its fresh economic crime plan for 2019-2022 which now contains measures covering cryptocurrencies.
According to the released document, the officials have added cryptocurrencies to the plan citing the need to prevent money laundering, terrorist financing, fraud and other illegal activities via cryptocurrencies.
"Economic crime touches virtually all aspects of society. Economic crimes range across the full breadth of criminality, ranging from low-level frauds through to sophisticated cyber-enabled market manipulation...The threat is also continuously evolving, impacted by the emergence of new technologies, services and products such as crypto assets," reads the document.
With new rules, all companies connected with cryptocurrencies will have to comply with AML and CTF regulation beginning from January 2020.
The Home Secretary, Sajid Javid, said:
"Our new plan represents a step-change in our response, bringing together the public and private sectors to relentlessly pursue the perpetrators and their dirty money."
The implementation of the announced plan will be realized under the supervision of the Financial Conduct Authority.