Bitcoin Daily: UK Gov’t Forms Crypto Economic Crime Plan; South Korea Credit Card Firm Gets Blockchain Patent

The U.K. government has developed a plan that aims to fight financial crimes, including “action on crypto-assets.”

The Economic Crime Plan from H.M. Treasury and the Home Office wants to change the way economic crime is handled by boosting cooperation between government, law enforcement and the private sector.

“To ensure the integrity of our financial system, protect our vulnerable people and communities and attract business to the U.K., we must do all in our power to combat economic crime. Last year, the Financial Action Task Force found that the U.K. had one of the toughest systems for combating money laundering and terrorist financing of over 60 countries it has assessed to date. Criminals, however, are continuously adapting their methods, and we know there is more work to be done,” according to the report.

The plan has been agreed on by Chancellor of the Exchequer Philip Hammond and Home Secretary Sajid Javid, as well as leaders of law enforcement agencies, “major” financial firms and legal, accountancy and property organizations. It also includes £6.5 million in funding from Barclays, HSBC UK, Lloyds Banking Group, Nationwide, RBS and Santander UK.

“All parties will work together on longer term funding for developing richer intelligence and improving operational effectiveness in the fight against dirty money,” said the announcement, according to CoinDesk.

In other news, South Korea’s top credit card company has been awarded a patent for a blockchain payment system.

Shinhan Card revealed that it has developed a “world-first” service that offers credit card functionality using the blockchain technology.

“Services using those key functions of credit cards will be extended to the blockchain-based system, a notable advancement from the status quo whereby most of the blockchain-based services available are limited to cash wiring or user identification for online transactions,” the company said in a statement, according to CoinDesk.