What do you know about Cryptocurrency?
It is important is as solicitors, we need to be aware of the potential AML type issues, and ensure we adhere to FCA and other regulations as they evolve.
In 2021 it was estimated that approximately 9.8 million people in the UK owned crypto currency, a substantial increase on the estimated 1.5 million in the UK in 2018. Currently the UK government and legislature does not ban cryptocurrencies, but neither does it license them, although since January 2020 the Financial Conduct Authority (FCA) has been given the powers for money laundering purposes to regulate crypto currencies.