Accenture calls for regulation of bitcoin wallets

Regulation | May 28, 2015 By:

In a document dated December 2014, Accenture calls for the government of the United Kingdom to regulate bitcoin wallets in much the same way as banks.

CoinDesk, a bitcoin news organization, obtained the document by a Freedom of Information request.

In the 16 page analysis, Accenture takes a positive view on cryptocurrencies, highlighting their potential to “reinvent many aspects of financial services.”

The company also notes substantial risks that may call for government action.  Accenture is particularly about the potential for money laundering, but also notes a lack of consumer protections and the risk of fraud.
The report proposes several new regulations, including:

  • Require customers to provide identification when creating a wallet
  • Authorize specific organizations to provide these identification services
  • Regulate wallets so they can be recognized easily for KYC checks
  • Create a framework of rules and responsibilities to prevent financial crimes

Additionally, the document calls for the creation of a government entity with three primary responsibilities.  The department would maintain an inventory of all wallets and check for compliance, monitor all transactions for adherence to sanctions lists, and freeze wallets when they are used for suspicious activity.