By early 2020, the UK will finalize legislation to control the blockchain industry. Representatives of this sector positively evaluated the work of the Office of Financial Supervision of the country
By September of this year, the Financial Supervision Authority of the United Kingdom (FCA) will prepare and publish recommendations on the work of cryptocurrency companies in accordance with the fifth Directive of the European Union on preventing the legalization of illegally obtained income and the financing of terrorism (5AMLD). The final version of the document and a collection of determination of commission fees will be presented in December, and after January 10, 2020, the procedure for registering companies associated with digital money will change.
In accordance with the new rules, crypto firms will have to confirm that they comply with 5AMDL and work with cryptocurrencies in the legal field of law. The representative of the Bitlish cryptocurrency exchange, which participated in the FCA meeting, said that local entrepreneurs positively evaluated the work of the financial regulator.
The Fifth EU Directive entered into force on July 5, 2018. The new requirements imply that exchanges and electronic wallets should provide the government with the opportunity to identify cryptocurrency addresses with the identity of their owner. Also, financial companies cannot service anonymous accounts and cells. EU countries must implement these requirements by January 20, 2020.