In a report published alongside George Osborne's annual budget, the UK Treasury said the new regulation would support innovation and prevent criminal use of digital currencies.
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UK Government to regulate cryptocurrency to avoid money laundering
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The government will work with the British Standards Association (BSI) to develop a set of standards that will protect consumers, it said. The Treasury also announced a new research initiative on digital currency technology, and said it would inject an additional 10 million pounds ($14.66 million) into the area.
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