The UK government has prepared a plan to combat economic crime for the years 2019-2022. The document, in addition to other threats, mentions cryptocurrencies, which, according to the authorities, can be used for money laundering and terrorist financing.

According to the published document, cryptocurrency companies will obey the requirements of AML / CTF, and the Financial Regulation and Supervision Administration (FCA) will oversee their activities.

New rules should come into force in January 2020. They will be valid for all cryptocurrency companies.

“Taking into account the risks that cryptocurrency activities may incur, the government is considering expanding the FCA's supervisory tools to provide adequate means for introducing and maintaining compliance with a reliable AML mode in the UK for firms working with crypto-assets,” the document says.

It is worth noting, earlier this month, FCA began consultations on a total ban on cryptocurrency derivatives for retail investors. Moreover, the agency has calculated that the potential benefit for retail consumers from banning these products will be from £ 75 million to £ 234.3 million per year.

Recall that in May, FCA also reported that over the past year the number of crypto and Forex scams increased threefold, and the British lost $ 34 million due to fraudulent schemes.

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