The U.K. Jurisdiction Taskforce of the Lawtech Delivery Panel published a statement concerning cryptocurrencies, DLT and smart contracts.
United Kingdom News
There are no strict regulations on Bitcoin in UK. Bitcoin has no established legal status but is commonly treated as a foreign currency for most purposes, including value-added and goods-and-service taxes. Cryptocurrencies profits and losses are subject to capital gains tax. However, the UK government is planning on implementing some legal procedures in the cryptocurrency market. Their primary goal is to require UK Bitcoin exchanges to conduct due diligence in relation to customers and include cryptocurrency platforms in anti-money laundering and counter-terrorism financing policies. The UK has issued a warning about the risks of investing in ICOs and cryptocurrencies, though it has yet to establish any direct rules concerning it. Still, it was stated multiple times that the United Kingdom is working on cryptocurrency regulations and has no intentions to leave it in a legal gray area.
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Wales will be funding the development of a local cryptocurrency to boost the local economy, particularly small and medium enterprises.
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Investigations into crypto businesses by the U.K. Financial Conduct Authority have surged by 74%, it is reported.
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U.S.-based crypto exchange Coinbase reinstates GBP transfers for its United Kingdom customers.
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