News
His Majesty’s Treasury published a long-anticipated consultation paper for the upcoming crypto regulation.
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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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A report suggests companies are able to register in the U.K. very easily, making them appear more credible to potential scam victims.
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Brits can now withdraw physical cash for GBPT, a one-for-one British pound stablecoin, as well as other cryptocurrencies at ATMs in the United Kingdom.
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The Charity Commission opened the inquiry on Dec. 19 after FTX had filed for bankruptcy in the U.S. and former CEO Sam Bankman-Fried was arrested.
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A new role, “head of CBDC,” will help the United Kingdom to “explore the case for a digital pound,” although U.K. Bitcoiners would argue that might not be necessary.
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With the deadline for filing tax returns in the UK just one week away, this crypto tax tool simplifies the tax-filing process.
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The team lead will determine the “strategic direction” for Treasury’s efforts to develop a digital pound in line with the U.K. government’s agenda.
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Policymakers in the United Kingdom are divided on whether the sale, marketing and distribution of derivatives and exchange-traded notes, tied with crypto, should be banned.
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A new survey from CasperLabs found that despite education gaps, enterprise adoption of blockchain technology in the U.S., U.K. and China is set to increase in the next year.
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The UK capital’s governing body is partnering with the Digital Pound Association and other trade groups to promote good crypto policy and practice and the UK’s position as a global financial center.
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MP Andrew Griffith and colleagues spoke before a hearing of the U.K. parliamentary Treasury Committee about payments technology and CBDC.
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The United Kingdom’s top crime agency is looking to hire a crypto investigator with experience of identifying and recovering seed phrases.
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Even amid the market breakdown and repetitive public attacks on the industry, some of the officials found the courage to embrace the innovation.
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The United Kingdom is taking cautionary lessons from the collapse of FTX as calls for greater regulation come from public and private sector institutions.
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The measure should help British funds dealing with foreign investors adopt digital assets in their portfolios.
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