Coin Center urges the UK Treasury to not over-extend the scope of anti-money laundering regulations

According to Cointelegraph, the Coin Center, a non-profit research and advocacy center focused on encryption-related public policy issues, urges the UK Treasury to refrain from over-expanding the scope of the UK's AML/CFT regulations. The core concern is that the UK Treasury's plan “appears not only to impose data collection and reporting requirements on cryptocurrency developers, but also on all open source software developers and other companies that promote cryptocurrency peer-to-peer transactions”. Coin Center strongly urges the UK to seek the same approach as the United States and cites the recently published Interpretive Guidance on Bank Secrecy Act (BSA) and Encrypted Assets by the US Treasury's Financial Crimes Enforcement Network (FinCEN) as the benchmark for the UK Treasury.