Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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.
Spain and Brazil are chasing cryptocurrency stored abroad, while the U.K. wants taxes paid for crypto assets that weren’t previously declared.2133
A U.K. parliamentary committee fears an official launch would demand significant investment and that the benefits may not outweigh the risks.5662
This is Microsoft’s largest investment in the area to date.5160
Alchemy Pay has introduced new deposit options, including the euro Instant solution, SEPA Instant, and the U.K. fast money transfer option, Faster Payments.9221
Copper plans to use its arm in the United Arab Emirates, Copper Securities, to capitalize on the demand of institutional investors.1538
His Majesty’s Revenue and Customs has issued a warning to crypto, NFT and utility tokenholders about paying their taxes on time or facing the consequences.6371
OQC is also launching what it calls “the world’s first enterprise ready quantum computing platform.”6346
Buy Bitcoin and Ether legally and securely in the U.K. and get insights on regulations, storage and investment options to make informed decisions.4397
The United Kingdom’s financial regulator has endorsed a blueprint model designed to facilitate the tokenization of funds for asset management firms.8232
Tether’s bank partner Britannia is reportedly facing a lawsuit over claims it failed to pay the full price of revenue-generating assets allegedly related to a deposit from Tether.2817
Under U.K. Prime Minister Rishi Sunak, former Economic Secretary Andrew Griffith will become the next minister of state in the Department for Science, Innovation and Technology.3832
Xi Jinping addressed the World Internet Conference Summit, saying there is a need to “deepen” exchanges and cooperation on an international level on AI challenges and cyberspace development.14754
SC Ventures will establish a “Digital Asset Joint Venture” investment company in partnership with a Japanese financial conglomerate, SBI Holdings.2017
Gemini will be restricting its UK users to sending only to 58 virtual asset service providers that are registered under the Travel Rule starting Nov. 17. A Trezor analyst argues the measures will go against the principles of Bitcoin and financial freedom.57033