UK treasury seeks to improve AML through crypto supervision changes
Fussy changes in the scope of registrations will simplify supervision, fight crime and change the way crypto firms are regulated.
The United Kingdom treasury has released a consultation paper on changes to money laundering regulations that would affect the regulation of crypto assets in a number of ways.
The proposed changes stem from a review of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) undertaken in 2022. The changes suggested now pursue “smarter regulation”:
“Of course, the MLRs can only be effective alongside a robust supervisory regime,” the paper added. With that in mind, it outlined several ways in which the supervision of crypto asset service providers might be altered.
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