Digital Currencies: An Analysis of Its Present Regulation in the UK: A Collaborative Essay by NINSO, the Northumbria Internet & Society Research Interest Group

Abstract

Digital currencies, whilst being an innovative payment method, poses several regulatory challenges in light of the possibilities to be used for a criminal purpose. This collaborative essay illustrates a brief report, which intends to provide for a general outlook on the UK’s effort in understanding the risks digital currencies pose to financial crime, money laundering, terrorist financing and cybercrime. This premise paves the way for ensuring the balance between protection of essential interests and innovation, most notably, in ensuring the implementation of the 5th Money Laundering Directive. The present contribution is prepared by the Northumbria Internet & Society Research Interest Group (NINSO). The NINSO group is multidisciplinary research group that shares research interests on technology and its significance in law, computer-science, social sciences, and engineering. Being interested in a holistic outlook of technological developments, it frequently organises seminars that aim to strengthen both, collaborations and the quality of academic research in this area.