The U.S. Securities and Exchange Commission wants an extra $158 million to address the “Wild West of the crypto markets.”
United Kingdom News
The Financial Conduct Authority (FCA) serves as the primary financial regulatory body in the United Kingdom. While the FCA ensures that crypto asset firms adhere to effective Anti-Money Laundering and Counter-Terrorist Financing procedures, crypto assets themselves generally remain unregulated. Notably, security tokens, possessing characteristics similar to specified investments such as shares or debt instruments, are the sole FCA-regulated crypto assets.
In the U.K., cryptocurrency taxation is outlined in His Majesty’s Revenue and Customs “Cryptoassets Manual.” Cryptocurrencies are categorized into exchange tokens (used for payment), security tokens (representing interests in businesses), utility tokens (providing access to services) and stablecoins (pegged to fiat money).
Individuals holding crypto assets are taxed on profits, including from airdrops, mining and salary payments. Capital gains tax applies, with a £12,570 tax-free allowance for 2023. Gains exceeding this limit are taxed at 20% to 40%, rising to 45% for higher incomes. Unlike the United States, the U.K. lacks separate short-term and long-term capital gains tax rates, with taxation determined by one’s income tax band, emphasizing the importance of understanding specific transaction types and applicable tax regulations.
A significant development occurred on June 8, 2023, when the FCA published a policy statement (PS23/6), expanding its oversight to include crypto asset promotions. This marked the first time crypto asset promotions fell under the FCA’s regulatory purview, indicating an important step in regulating the U.K. crypto industry.
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The United Kingdom police reportedly stated that the seizure was the “largest of its kind” in the nation’s history, with a sentencing date set for May.
17640The United Kingdom’s financial watchdog said it will improve its market monitoring abilities and develop advanced analytics systems.
8126A judge has ruled definitively that Craig Wright is not the pseudonymous creator of Bitcoin, dealing a blow to his claims of ownership over the currency’s intellectual property.
7059The U.K.’s Financial Conduct Authority says it won’t object to the creation of crypto-backed exchange-traded notes — a financial product similar to an ETF — on the condition they are restricted to professional investors only.
16136Fussy changes in the scope of registrations will simplify supervision, fight crime and change the way crypto firms are regulated.
7956The United Kingdom’s Financial Conduct Authority said it would not object to requests to create a market segment for crypto-backed ETNs.
13291Researchers concluded that it is necessary to formulate approaches for addressing the enforcement and governance of IP issues in the metaverse.
11500United Kingdom policymakers are adopting a coordinated approach to establish regulations allowing cryptocurrencies, stablecoins and CBDCs to coexist.
8836From April 26, the U.K. economic crime legislation will include civil recovery orders for confiscating crypto assets.
19564A coalition of over 300 technology, AI and digital ethics experts worldwide advocates for government intervention to combat deepfakes, citing concerns over their societal impact.
2239U.K. Minister Bim Afolami says the government is working “very hard” to pass crypto-specific legislation in the country.
7131Bitcoin users in the United Kingdom are increasingly close to record BTC price territory, while Japan and Turkey enter price discovery.
3998The Financial Conduct Authority in the United Kingdom ordered the withdrawal or amendment of over 10,000 finance-related promotions in 2023.
1895The U.K. government received over 50,000 responses to its consultation paper on the formation of a digital pound.
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