News
The UK should scrap taxes on stock purchases and instead apply them to crypto buying in order to stimulate the economy, says Cavendish chair Lisa Gordon.
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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.
- News
He claims the whale was previously arrested for stealing $1 million from two casinos in 2023.
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The man who has been trying to recover a hard drive containing the private keys to 8,000 Bitcoin from a UK landfill site now plans to file an international human rights case.
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Authorities in the United Kingdom alleged a National Crime Agency officer stole 50 Bitcoin in 2017 during an investigation.
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Scammers posed as law enforcement and crypto wallet hosts to trick victims into revealing their seed phrases and steal their funds.
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Olumide Osunkoya, who operated a network of crypto ATMs without regulatory permission, has been sentenced to four years in prison.
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Polkadot Blockchain Academy will host a Web3 education course for policymakers in Switzerland, with UK lawmakers attending to gain insights into crypto regulation and blockchain adoption.
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Italy’s Banca d’Italia and Consob are in talks with crypto firms to ensure compliance, as regulatory gaps widen between the EU and US.
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Bitpanda’s crypto offering in the United Kingdom won’t differ from that in the European Union, deputy CEO Lukas Enzersdorfer-Konrad said.
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Ten countries launched a joint operation to disrupt LockBit in February 2024, saying the group had caused billions of dollars in damage to individuals and key infrastructure.
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As Uphold resumes crypto staking in the UK, its staking services remain unavailable in the US and Europe.
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The London building, opened in 2023 while UK Prime Minister Rishi Sunak was in office, will be shuttered in favor of focusing on the venture capital firm’s US operations.
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Cryptocurrency goes mainstream in the UK. British businesses must introduce crypto solutions.
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UK Prime Minister Keir Starmer said the country will adopt a plan that includes all 50 recommendations made by the government's research agency.
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The UK Treasury has amended finance laws to clarify that crypto staking isn’t a collective investment scheme, which a lawyer says is “heavily regulated.”
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