Fussy changes in the scope of registrations will simplify supervision, fight crime and change the way crypto firms are regulated.
The United Kingdom treasury has released a consultation paper on changes to money laundering regulations that would affect the regulation of crypto assets in a number of ways.
The proposed changes stem from a review of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) undertaken in 2022. The changes suggested now pursue “smarter regulation”:
“Of course, the MLRs can only be effective alongside a robust supervisory regime,” the paper added. With that in mind, it outlined several ways in which the supervision of crypto asset service providers might be altered.