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The United Kingdom is implementing new regulations to combat money laundering, with a focus on NFT providers and crypto assets. The UK Treasury is proposing changes that would require certain NFT firms to adhere to anti-money laundering rules, even if they are not currently regulated as crypto-asset services. Additionally, a bill is being considered that would task banks with monitoring social security fraud, leading to concerns about privacy and government oversight.
The United Kingdom Treasury has released a consultation paper detailing proposed changes to money laundering regulations, with significant implications for the regulation of crypto assets https://t.co/v6m2S5XWYV
🚨ATTENTION NFT PROJECTS🚨 The UK is on the brink of requiring firms that offer #NFTs to comply with anti-money laundering regulations despite not being regulated as crypto-asset services generally. In short, HM Treasury says "it isn't just financial services that create money… https://t.co/CtT8yHSYIQ
The UK to make it’s RTP Faster Payments slower to combat fraud lol. Under the proposed legislation, banks and payment companies will be given up to 3 days to hold a payment and investigate if they suspect fraud or a scam. This follows scams becoming the #1 crime in the UK and a…
