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Bitcoin warning as China and Russia could become 'crypto havens'

Document Cited in Related
Vincent
Published date11 May 2021
Publication titleExpress, The/The Express on Sunday: Web Edition Articles (London, England)
The cryptocurrency sector is still mostly lightly overseen or unregulated, although global standards on areas such as anti-money laundering have emerged.

Ms Lagarde joined a number of regulators from across the world in calling for implementing global rules for cryptocurrencies.

She added: "There has to be regulation.

"This has to be applied and agreed upon... at a global level because if there is an escape that escape will be used."

In an exclusive interview with Express.co.uk, though, Martin Bamford, chartered financial planner at Informed Choice, warned a global effort to regulate cryptocurrencies might lead to the creation of "crypto tax havens".

He said: "[Bitcoin] needs to be well regulated.

"Dealing with money laundering is clearly one big challenge when it comes to cryptocurrencies.

"There have been several studies that have shown they finance terrorism or it is used for nefarious purposes.

"You either need to regulate them or ban them. I don't think there is a middle ground."

Mr Bamford added: "As things stand, it would be down to individual governments to regulate them.

"But we heard very recently rumblings from Joe Biden's administration about a global corporation tax structure.

"A global crypto currency tax or a global crypto currency regulation ban would be the most effective way of doing it, but only if you can get all the countries on board.

"It would only take a few nations to say 'we are not gonna be part of that', and cryptos would start gravitating towards them."

When asked what nations would probably turn down the regulation or ban, Mr Bamford said: "Russia, China or Iran.

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