The U.K. government will be readying digital currency exchanges in a bit to support technology innovation while curbing criminal usage.
In a released document with regards to the country’s 2015 budget, the Treasury plans to enforced anti-money laundering regulation to the U.K. digital currency exchanges.
Such measure is aimed in creating the proper environment for legitimate figures to grow while crafting a harmful environment for illegal digital currency users.
The Treasury also plans to have a thorough consultation sometime this year to seek another angle with regards to shaping the new regulation.
The government is planning to create ideal standards and practices for digital currency business to make sure consumers are protected. Voluntary standards will be made by the U.K. government, the digital currency industry, and the British Standards Institution.
At the same time, the government is aiming to support the growth of its own financial sector and trigger a competition within the banking sector.