Specializing in mortgage lending, British companies refuse bitcoin-investors to provide mortgages, since they do not consider crypto-currencies a legitimate source of income and are afraid of AML-law violations. This is reported by the Financial Times.
Over the past year, many investors have grown rich in the exponential growth of the Crypto-currency, increasing their capital by 1000-1500%. A significant part of them is young people, to whom digital assets have provided an invaluable opportunity to purchase real estate.
Creditors, however, require official confirmation of the legality of the origin of funds and do not consider the crypto-currency capital sufficient grounds for issuing a mortgage.
Executive Director of the Association of Mortgage Intermediaries Robert Sinclair is convinced that the problem of money laundering through cryptocurrency is key since it is almost impossible to determine the nature of the initial investment.
The expert of the John Charcol mortgage company Rob Bulgar emphasizes that bitcoin investors should wait at least six months after the creation of a bank account since creditors usually request banking history for just such a period.
Earlier, ForkLog reported on the intentions of the British authorities to tighten the regulation of the crypto-currency market and subordinate it to the norms of AML-legislation.