New European rules governing virtual currency operators come into effect in the UK today, despite concerns that a rushed schedule and lack of guidance could leave businesses in the lurch.
From today, crypto businesses in the UK will be obliged to follow the requirements of the 5th Anti-Money Laundering Directive (5th AMLD), which was transposed into domestic law as the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.
Although the 5th AMLD has been a topic of fierce debate across Europe over the last year, concerns remain that its impact on UK businesses will, at least initially, be mired in uncertainty.
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