Charities need to verify crypto donations

The Charity Commission has issued updated guidance to help charities tighten up their financial controls to improve risk management

The regulator has warned that charities face risks when handling donations in cryptocurrency and must ensure that they keep accurate records and comply with tax and anti money laundering rules.

There are many risks associated with cryptoassets, the Charity Commission said, including the volatility of their value as this can change very quickly, potential fraud or theft by hackers, and the lack of protection compared to traditional currencies or financial products if something goes wrong.

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