Regulators concerned about money laundering are scrutinising
Bitcoin. But investor participation in the
currency’s market may signal a paradigm shift in
Anti-money laundering regulators have been wary of Bitcoin
since its move from online markets such as Silk Road to an
asset class for risk-taking investors.
Financial Action Task Force (FATF) and the
European Banking Authority (EBA) recently published papers
on Bitcoin and money laundering. Asian jurisdictions, including
Hong Kong and
China, are contemplating regulating the cryptocurrency.
Bitcoin’s popularity signals that consumers
might be turning away from the regulated markets. All
governments have spent an enormous amount of money, effort and
time to regulate the traditional banking sector to ensure that
it has consumer protections in place, observed Marianne
Robinson, head of the compliance solutions group of DLA Piper
But, she added, there are increasing numbers of companies
and individuals that are...