UK Gov News

Traders expect an uptick in volatility due to the possibility of September’s $2.2 billion options expiry putting pressure on BTC price near a critical support level.

The U.K. Law Commission called for cryptocurrencies and digital assets to be classed as “data objects” in new reforms aimed at fostering growth and legal protection.

In the U.K., crypto owners prefer centralized exchanges and claim their assets to be largely profitable.

The regulator says it’s “committed to keeping pace” with the risks of “the growth of crypto assets,” upping its budget by $31 million in preparation.

“HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the U.K.," said the executive director of CryptoUK Ian Taylor

“These innovations have the potential to disrupt finance, just as social media has disrupted communication, or online shopping has changed retail,” said Matt Hancock.

The United Kingdom is the latest country to begin exploring the possibility of creating a central bank digital currency.

Could a digital pound accelerate Britain’s growth post-Brexit and retake London’s status as the European financial hub?