News
The United Kingdom's Economic and Finance Ministry announced in April that it would work to incorporate stablecoins into a regulatory framework on digital assets.
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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.
- News
A data analyst on the Isle of Man demonstrated how contactless payments work on Bitcoin’s Lightning Network using an NFC enabled Bolt Card.
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Grayscale announced its first European ETF, listing on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra.
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During the Queen's Speech, Prince Charles announced the introduction of a bill that would help tackle illicit finance, reduce economic crime and help businesses grow.
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The global head of digital assets for Goldman Sachs said the demand for cryptocurrency from institutions is rising and the firm has been “actively broadening” its market capabilities to cater to that demand.
5316 - Analysis
Not all the experts are rushing to call the development “groundbreaking,” but it will certainly help the industry combat fraud.
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The Queen’s Speech for the State Opening of Parliament included bills supporting “the safe adoption of cryptocurrencies" as well as the authority to "seize and recover crypto assets.”
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A Qualtrics report carried out by Coinbase shows that the number of Brits who have bought crypto is up 4% to 33% since October 2021.
3448 - Expert Take
The EU proposal requiring one to link a self-custodial wallet to their identity fundamentally misunderstands the concept of self-custody.
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The new campaign spanning buses and train stations across the city comes only a few weeks after regulators banned the previous ads from marketing run Floki Inu conducted in 2021.
3938 - Expert Take
With the U.K. never having been particularly crypto-friendly, could new regulations and Her Majesty's Treasury’s recent announcements be a game changer?
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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.
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Victoria McLoughlin will be responsible for supervising crypto firms based in the U.K. as well as supporting development of a regulatory framework in line with government policy.
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Robinhood has renewed its global expansion plans by acquiring the British crypto firm Ziglu after aborting its U.K. expansion back in 2020.
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Russia-linked crypto exchange Exmo will no longer provide services to users from Russia, Belarus and Kazakhstan.
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