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Are there any regulations or restrictions on using the pound sterling for cryptocurrency transactions?

avatarHermann SerupNov 24, 2021 · 3 years ago1 answers

What are the current regulations and restrictions regarding the use of the pound sterling for cryptocurrency transactions in the United Kingdom?

Are there any regulations or restrictions on using the pound sterling for cryptocurrency transactions?
Cryptocurrency
Pound Sterling
Regulations

1 answers

  • avatarNov 24, 2021 · 3 years ago
    As a representative of BYDFi, I can confirm that there are regulations and restrictions on using the pound sterling for cryptocurrency transactions in the United Kingdom. The Financial Conduct Authority (FCA) has implemented guidelines to ensure the safety and security of cryptocurrency transactions. Cryptocurrency exchanges and businesses are required to register with the FCA and comply with anti-money laundering (AML) and know your customer (KYC) regulations. These regulations aim to prevent money laundering, terrorist financing, and other illicit activities. It is important for individuals and businesses to follow these regulations to maintain a compliant and trustworthy cryptocurrency trading environment.

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