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<p>The Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and
the Financial Conduct Authority (FCA), published its report in October 2018. It concluded
that strong action should be taken to address the risks associated with cryptoassets
that fall within existing regulatory frameworks, and that further consultation and
international coordination is required for those cryptoassets that pose new challenges
to traditional forms of financial regulation, and fall outside the existing regulatory
framework.</p><p> </p><p>Since the report, the FCA has consulted and issued final
guidance on the regulatory perimeter in relation to cryptoassets, and HMT has consulted
on the transposition of the 5th Anti-Money Laundering Directive (5AMLD), which will
bring cryptoasset exchanges and custodian wallet providers within the scope of anti-money
laundering and counter-terrorist financing regulation.</p><p><strong> </strong></p>
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