Coming off of another record high this weekend, the British Finance Ministry announced that it is seeking to regulate Bitcoin under money laundering laws.
Stephen Barclay, economic secretary to Britain’s Treasury, told parliament in a notice dated Nov. 3 – but only reported by media on Monday – that the amendments “bring virtual currency exchange platforms and custodian wallet providers into Anti-Money Laundering and Counter-Terrorist Financing regulation.” –Reuters
I’m sure some will see this as a negative, given that many people embrace the relative anonymity of cryptocurrency. However, I see this as a step towards further adoption into the mainstream. It’s inevitable that if more and more institutional money is going to pour into cryptocurrency, then government regulation will come with it.