The UK’s gambling regulator has clarified its rules for digital currencies. In an update to its codes of practice issued this July, the UK Gambling Commission (UKGC) outlined how licensees can implement appropriate policies for so-called cash equivalents, a definition under which digital currencies are captured. Though short on details, the UKGC advises that the intention […]

Despite the numerous controversies about digital currencies, the industry is moving forward. By the time the digital currency space matures, the competition could be huge. The winners could be currencies that are able to fix the weaknesses of bitcoin. Here are three digital currencies with strategies that fix bitcoin’s weaknesses. Freicoin Freicoin is set up […]

Major UK banks, including Barclays and Royal Bank of Scotland, have warned that Chancellor George Osborne’s plan to turn Britain into a hub for the virtual currency trade could help terrorists and criminals. The warning came in a letter to the Treasury from the British Banker’s Association (BBA), which represents the leading British banks. Anthony […]

Maxim Chukharev leaded guilty to conspiring to operate an illegal unlicensed money transmitting business. The head of technology for Liberty Reserve, an alternative digital currency used in what authorities called a massive global fraud scheme, has pleaded guilty to criminal charges. Maxim Chukharev, 28, of Costa Rica, pleaded guilty on Tuesday in a United States […]

FCA has published its 2012/2013 annual AML report. The report summarises enforcement action and the findings of the thematic reviews of banks’ management of high money laundering risk situations and banks’ control of financial crime risks in trade finance. It then goes on to list the current trends and emerging risks that FCA is helping […]