UK Moves Forward with Cryptocurrency Regulation

Britain indicated today, Monday, that it will "issue legislation to implement the first set of regulations for the cryptocurrency sector, which will require market participants to obtain licenses before they can offer services to consumers." The UK Treasury stated that it will proceed as proposed in a public consultation held in February, which mandates that companies dealing in cryptocurrency assets obtain a license from the Financial Conduct Authority. Currently, cryptocurrency firms only need to comply with anti-money laundering requirements. Last week, Bitcoin rose to $38,872, the highest level in almost a year and a half, amid increasing speculation about a Bitcoin Exchange-Traded Fund launching in the United States.