UK authorities have ordered all cryptocurrencies to register as criminal record checks for anyone wishing to run an offshore business.
The move follows a string of reports from the UK, and the United States, about criminals using offshore services to launder money.
The UK has not had a single confirmed criminal conviction in relation to cryptocurrencies.
However, the government recently published data that shows the UK is home to around 100 offshore businesses that allegedly use cryptocurrencies to lard up their coffers.
One of those, Cryptolive, has reportedly been operating for around five years, and has allegedly amassed $4.4 million in assets.
The company is said to be registered in the Bahamas, though the details of the Bahamas address have not been revealed.
Cryptolive’s chief executive, Andrew Jones, was one of the first people to reveal his business was registered in a foreign jurisdiction in a letter to the UK’s Tax Office, which has since confirmed it was registered under a different address.
CryptoLives, another company with an offshore address, also used a different business address, according to the Tax Office.
A spokesman for the UK Treasury said it was aware of the new rules, but would not be making any further comment.