Eleven member organizations are taking part in the experiment focusing on the United Kingdom's RLN.
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 U.K.’s economic secretary to the Treasury, Bim Afolami, said the government’s priority is improving the payments landscape and providing regulatory clarity for digital assets and blockchain.
11798The Winklevoss twins are on board with Bitcoin podcaster Peter McCormack’s vision to take Real Bedford FC to the English Premier League.
8920United Kingdom authorities found 61,000 BTC when they raided a house rented by money launderers in 2021.
2897Coinbase said that the Apple Pay integration is part of its efforts to increase the number of crypto holders in the United Kingdom.
3394Microsoft AI CEO Mustafa Suleyman said the firm plans to make a “significant, long-term investment” in the U.K. as they start hiring “passionate innovators.”
4224The U.S. Securities and Exchange Commission wants an extra $158 million to address the “Wild West of the crypto markets.”
6801The 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.
18263The United Kingdom’s financial watchdog said it will improve its market monitoring abilities and develop advanced analytics systems.
8213A 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.
7222The 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.
16426Fussy changes in the scope of registrations will simplify supervision, fight crime and change the way crypto firms are regulated.
8033The United Kingdom’s Financial Conduct Authority said it would not object to requests to create a market segment for crypto-backed ETNs.
13471Researchers concluded that it is necessary to formulate approaches for addressing the enforcement and governance of IP issues in the metaverse.
11603United Kingdom policymakers are adopting a coordinated approach to establish regulations allowing cryptocurrencies, stablecoins and CBDCs to coexist.
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