News
UK judges rejected a $11.9 billion claim from BSV investors, ruling that they could have mitigated losses after Binance and others had delisted the token.
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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.
- Analysis
Several countries have announced multibillion-dollar plans to build out the world’s crypto hub, but five of the world’s financial centers stand out.
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UK crypto firms will need to report customer transactions on their platforms from 2026 onward as part of an initiative to strengthen crypto tax reporting practices.
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The UK has unveiled draft crypto rules that align digital assets with securities law, aiming to position the country as a “safe harbor.”
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Visa invests in London-based stablecoin payment startup BVNK through its Visa Ventures arm, marking another step in its growing involvement in crypto.
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The UK’s Financial Conduct Authority plans to ban retail investors from using borrowed funds, including credit cards, to purchase crypto.
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The notice from HM Treasury suggested the policies were in response to increasing crypto ownership in the UK and the risk from scams and bad actors.
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Revolut doubles profit to 1 billion pounds in 2024, driven by crypto trading growth, 15 million new users and a long-awaited UK banking license.
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Crypto betting platform Stake reportedly had revenue of $4.7 billion in 2024, rivaling traditional betting platforms.
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The pseudonymous co-founder of Dead Bruv, said the initiative was about trying to “make NFTs fun again” and was sparked by a joke that turned into a “lightbulb moment.”
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Crypto firms and whales continue accumulating Bitcoin, as analysts predict a steady weekend for crypto valuations without White House announcements.
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Bitwise expands its exchange-traded products to the London Stock Exchange, but retail investors in the United Kingdom remain locked out.
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Kraken launches stock and ETF trading for US users, expanding beyond crypto as it pushes for a borderless, all-in-one trading platform.
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Bitcoin expands its footprint in education systems worldwide through curriculum integrations and institutions establishing BTC treasuries.
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UK regulators are increasingly concerned that the growing use of stablecoins and cryptocurrencies may threaten monetary stability.
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