Cryptocurrency and the need for action

Concerns have been voiced about the lack of regulation regarding cryptocurrency and its potential use in financial crime. Aziz Rahman, of business crime solicitors Rahman Ravelli, outlines the importance of taking precautions when investing in it or using it to conduct transactions.

Cryptocurrency is an issue that is attracting increasing attention. Some see it as an exciting development while others think of it as an opportunity for those looking to commit crime. To be fair, both views have merit. Which is why those in business need to approach cryptocurrency cautiously.

Cryptocurrency offers new business possibilities. There is the ability to both use and invest in crypto assets, which are defined by the Financial Conduct Authority (FCA) as “any publicly available electronic medium of exchange that features a distributed ledger and a decentralised system for exchanging value.” These asset systems can be accessed via the internet (including mobile phones) and used to make…