View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Software
March 19, 2015

UK bolsters Bitcoin with funding & regulation plans

UK government set to invest £10m in the sector.

By CBR Staff Writer

The UK Government has announced plans to regulate digital currencies and apply anti-money laundering laws to digital currency exchanges operating in the country.

In its 2015 Budget, the UK Government said it will work with the British Standards Institution and the digital currency industry to develop voluntary standards for the currencies in order to provide protection to consumers.

The British government not only wants to regulate the crypto currency, but also plans to increase research funding by £10m to support innovation in the sector.

The money will be used to address the research opportunities and challenges before digital currency technology.

The Digital currency research initiative will be done by the Research Councils, Alan Turing Institute and Digital Catapult.

In August 2014, the UK Chancellor of the Exchequer had announced that the government will look at whether digital currencies and associated technologies can be regulated. During the consultation process, the government received 120 responses.

The UK Digital Currency Association (UKDCA), the advocacy group for digital currency and block chain technologies, has welcomed the government’s move to regulate the digital currencies.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

UKDCA board member Paul Gordon said, "Today’s announcement is significant in that it brings bitcoin and other block chain technologies closer to mainstream adoption.

"The UKDCA is pleased that its recommendations have been adopted and will be leading the process with the BSI to develop industry standards".

The advocacy body said that the regulatory clarity and legitimacy to digital currencies and related businesses will make the UK an attractive place for digital currency business.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.