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As with all policies, the government keeps its policy towards cryptocurrencies under
review. For example, Government has recently published its National Risk Assessment
of Money Laundering and Terrorist Financing, which included an examination of the
risks associated with cryptocurrencies. The government is currently negotiating amendments
to the European Anti-Money Laundering Directive which will extend regulation to virtual
currency exchange platforms and custodian wallet providers. These amendments will
enable competent authorities to ensure these firms are mitigating the risks regarding
money laundering and terrorist financing. We expect these negotiations to conclude
at EU level by early 2018, with a year for Member States to then implement the Directive.
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