Not directly applicable to bitcoin, but the Money Laundering part is worth noting :
http://www.newsletter.co.uk/news/regional/newry-fraudster-spared-jail-over-money-laundering-1-6664964
"In two and a half years his business handled over £63m, much of it, according to HM Customs, profit made by gangs north and south of the Irish border."
“I will impose a sentence of two years on all counts and they will be suspended for a period of three years”
"Prosecutor Stephen McCourt told the court that confiscation proceedings are due to take place at the end of April to recover £1 million from Trainor as a result of his “criminal offending’’"
Lucky for him no bitcoin was involved.
Topic: UK's Plans to Regulate Bitcoin (Read 2894 times)
They will try to limit the inevitable expansion of cryptocurrencies… but they will fail eventually
""They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit."
"They" are the people who avoid having to pay >25% of all profits. "They" make the rules.
Regulation of cryptocurrency is bullshit.
Did Regulation prevent the crash in 2008? or reduce the £500 BILLION needed to prop up the banks?
Did the government even go to the Regulator to ask for their money back? "Asleep at the wheel" IIRC
What has happened since - apart from G Brown promoting himself for "Saving the World" to Saving Scotland?
Debts and Leverage have increased, so the next crisis will different and more painful, and soon.
There's just enough time to introduce capital punishment for financial crime, like they have in China, instead of a Knighthood or promotion to the House of Lords. After that is passed and proven effective, then think about regulating bitcoin.
Jeremy Clarkson should run for Parliament!
Banking Regulator with a plan meets Jeremy Clarkson - I'd pay bitcoin to see that.
"They" are the people who avoid having to pay >25% of all profits. "They" make the rules.
Regulation of cryptocurrency is bullshit.
Did Regulation prevent the crash in 2008? or reduce the £500 BILLION needed to prop up the banks?
Did the government even go to the Regulator to ask for their money back? "Asleep at the wheel" IIRC
What has happened since - apart from G Brown promoting himself for "Saving the World" to Saving Scotland?
Debts and Leverage have increased, so the next crisis will different and more painful, and soon.
There's just enough time to introduce capital punishment for financial crime, like they have in China, instead of a Knighthood or promotion to the House of Lords. After that is passed and proven effective, then think about regulating bitcoin.
Jeremy Clarkson should run for Parliament!
Banking Regulator with a plan meets Jeremy Clarkson - I'd pay bitcoin to see that.
They will never be able to stop the underground bitcoin trade. "They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit.
You're right, they won't be able to stop the 'underground' trade just like they can't stop the sale of drugs in the underground which is what happens when you make things illegal or put silly restrictions on them, but just like drugs people don't want bitcoins to be 'underground'. We want to be able to use them freely and as a legitimate currency.
They will never be able to stop the underground bitcoin trade. "They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit.
They are are severly butthurt at the fact we have now a fact to bypass all their monitoring. There will always be a fact to not get caught by these scammers. 
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained.
Bitstamp has already had a go at that. I found it a humongous turn off. A lot of the anality is due to its freshness.
You don't have to prove sod all if you're buying or withdrawing a million quid on shares other than who you are. I expect it'll settle down eventually.
They will never be able to stop the underground bitcoin trade. "They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit.
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
Thats only if you do it throught a bank. They can't stop P2P (as in person to person) direct local exchange of BTC for cash. There's always a risk of it being a trap, but if you buy from a trusted seller form LocalBitcoins nothing wrong should happen. It sucks tho, it makes adquiring Bitcoin as if you are adquiring god damn coke or something.I can see a lot of people still getting their accounts shut down. It's happened quite a few times in the UK from what I've read on this forum.
"Do you have plans to randomly freeze accounts due to "suspicious activity" where the details are withheld from the account holders for the purposes of "security and fraud-prevention"?"
I am presently unable to answer your question ;-) however I would direct
your attention to rule 162 of the standard contractual conditions, just
under those providing various forms of indemnity, and "First Born Collateral".
I can tell you that this week I am providing a free badge to all new clients
in recognition of their contribution to GDP and the employment given to
countless numbers of otherwise unemployable fact-checkers, not to mention
the launch of my new company Badge Builders Conspiracy Inc ...
I am presently unable to answer your question ;-) however I would direct
your attention to rule 162 of the standard contractual conditions, just
under those providing various forms of indemnity, and "First Born Collateral".
I can tell you that this week I am providing a free badge to all new clients
in recognition of their contribution to GDP and the employment given to
countless numbers of otherwise unemployable fact-checkers, not to mention
the launch of my new company Badge Builders Conspiracy Inc ...
What's this about and where are you quoting it from?
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
I'm sure there will be both positives and negatives to regulation, but one thing is for sure there's nothing we can really do about it. Regulation is inevitable but were going to have to play by their rules whether we like it or not. I can opnly hope that they're fair and don't actually cause harm to the bitcoin ecosystem.
"Do you have plans to randomly freeze accounts due to "suspicious activity" where the details are withheld from the account holders for the purposes of "security and fraud-prevention"?"
I am presently unable to answer your question ;-) however I would direct
your attention to rule 162 of the standard contractual conditions, just
under those providing various forms of indemnity, and "First Born Collateral".
I can tell you that this week I am providing a free badge to all new clients
in recognition of their contribution to GDP and the employment given to
countless numbers of otherwise unemployable fact-checkers, not to mention
the launch of my new company Badge Builders Conspiracy Inc ...
I am presently unable to answer your question ;-) however I would direct
your attention to rule 162 of the standard contractual conditions, just
under those providing various forms of indemnity, and "First Born Collateral".
I can tell you that this week I am providing a free badge to all new clients
in recognition of their contribution to GDP and the employment given to
countless numbers of otherwise unemployable fact-checkers, not to mention
the launch of my new company Badge Builders Conspiracy Inc ...
I'm not afraid, I'm sure there will be a minimum. Say if you want to buy 50 BTC, you will have to explain where your money comes from.
This is why in China, they started to buy mining gear instead of Bitcoin itself in order to get money out of their country once the government came down on it. Even if the profitability of mining decreases, hash keeps going up from things like this (as well as technical advances obviously).
So just how effective are these AML laws when people can just buy hardware instead?
Regulation will come afterwards, when people will look for ways to exchange their freshly mined coins into fiat.
They don't really have to exchange to fiat, unless you're implying holding BTC is risky.
I don't. I meant there are still many things which are difficult to get with nothing but BTC.
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
Thats only if you do it throught a bank. They can't stop P2P (as in person to person) direct local exchange of BTC for cash. There's always a risk of it being a trap, but if you buy from a trusted seller form LocalBitcoins nothing wrong should happen. It sucks tho, it makes adquiring Bitcoin as if you are adquiring god damn coke or something.
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
A decentralized exchange means you don't have to store your bitcoins somewhere else, it's like P2P exchange.. or something along the lines. I have no idea how day trading would work tho.
I imagine they'd work in a similar way to normal exchanges. You put your orders in and when they're accepted you just have to send the coins otherwise someone else will likely get them before you. some sort of 2 or 3 escrow may be used as well. I'm interested to see how they deal with certain issues, though.
like it or not regulation has to come to Bitcoin for it to compete with fiat
and compete it will
and compete it will
I'm really concerned that this could be an issue for newcomers.
Can you elaborate on that please as it doesn't really make any sense. Regulation isn't such the dirty word you may think it is. It will probably attract more newcommers to bitcoin in fact as people will start to see it as a legitimate and viable currency.
"the government's plan to apply anti-money laundering (AML) regulations to digital currency exchanges." As a possible UK-based firm, this would impact me hugely! I'm not saying this isn't a good idea, however, isn't the purpose of Bitcoin to get away from the government control, fiat currencies, corruption, and taxes? How will they go about regulating me?
Yeah part of the purpose of bitcoin is that from our point of view but many people see bitcoin differently like many people see the internet differently.
"regulations are the first step to legalising bitcoin"
I, for one am totally convinced by your logic.
I am willing to provide the self regulation that bitcoinUK clearly needs.
Just pm me with your proposed transaction, 0.1BTC fee, (I'm
still working on the reason for that, this is a work in progress after all)
private keys, family history, medical history, (you can't be too careful)
current bank details and full details last year's transactions, (GCHQ knows this
already and you have nothing to hide, right? so no problem there)
!!! Nearly forgot ;-) just in case I get accused of Money Laundering,
I'll need your passport details and date of birth. I don't actually need these
right now but they might come in handy later - I'll trust you to send
them on if you don't have them handy.
Yes .. April 1st can't come soon enough ... ;-)
I, for one am totally convinced by your logic.
I am willing to provide the self regulation that bitcoinUK clearly needs.
Just pm me with your proposed transaction, 0.1BTC fee, (I'm
still working on the reason for that, this is a work in progress after all)
private keys, family history, medical history, (you can't be too careful)
current bank details and full details last year's transactions, (GCHQ knows this
already and you have nothing to hide, right? so no problem there)
!!! Nearly forgot ;-) just in case I get accused of Money Laundering,
I'll need your passport details and date of birth. I don't actually need these
right now but they might come in handy later - I'll trust you to send
them on if you don't have them handy.
Yes .. April 1st can't come soon enough ... ;-)
Awesome! I've been looking everywhere for an exchange aspiring to provide an experience on par with the major banks.
Do you have plans to randomly freeze accounts due to "suspicious activity" where the details are withheld from the account holders for the purposes of "security and fraud-prevention"?
"regulations are the first step to legalising bitcoin"
I, for one am totally convinced by your logic.
I am willing to provide the self regulation that bitcoinUK clearly needs.
Just pm me with your proposed transaction, 0.1BTC fee, (I'm
still working on the reason for that, this is a work in progress after all)
private keys, family history, medical history, (you can't be too careful)
current bank details and full details last year's transactions, (GCHQ knows this
already and you have nothing to hide, right? so no problem there)
!!! Nearly forgot ;-) just in case I get accused of Money Laundering,
I'll need your passport details and date of birth. I don't actually need these
right now but they might come in handy later - I'll trust you to send
them on if you don't have them handy.
Yes .. April 1st can't come soon enough ... ;-)
I, for one am totally convinced by your logic.
I am willing to provide the self regulation that bitcoinUK clearly needs.
Just pm me with your proposed transaction, 0.1BTC fee, (I'm
still working on the reason for that, this is a work in progress after all)
private keys, family history, medical history, (you can't be too careful)
current bank details and full details last year's transactions, (GCHQ knows this
already and you have nothing to hide, right? so no problem there)
!!! Nearly forgot ;-) just in case I get accused of Money Laundering,
I'll need your passport details and date of birth. I don't actually need these
right now but they might come in handy later - I'll trust you to send
them on if you don't have them handy.
Yes .. April 1st can't come soon enough ... ;-)
Wild west of bitcoin must come to an end, and its obvious that regulations are the first step to legalising bitcoin related businesses and activities.
I dont see why people are against it, did u not have enough of exchange scams already?
Im not saying there will be no more scams present, but its the first step to make it a safer place for all of us, and its a step in the right direction.
cheers
I dont see why people are against it, did u not have enough of exchange scams already?
Im not saying there will be no more scams present, but its the first step to make it a safer place for all of us, and its a step in the right direction.
cheers
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