News
At the Bitcoin Builders Conference, Daniel Fogg from IOV Labs spoke with Cointelegraph about how emerging markets are shaping the future of the crypto space.
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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
The volatility and purported lack of intrinsic value of most crypto assets make it particularly risky for consumers, the politicians claimed.
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At a recent event, Tom Mutton, the Bank of England’s head of fintech, touted the privacy benefits of CBDCs while denouncing the anonymity of cryptocurrencies.
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The FCA’s actions followed similar operations in East London and Leeds, where the regulator said it had issued warnings or cease-and-desist requests to suspected ATM operators.
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The U.K. Competition and Markets Authority said it would examine AI’s development, deployment and social impact.
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“I’m an advocate for getting regulation in place that makes the most of the potential of the sector whilst protecting consumers,” said the member of Pariliament.
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The UK Treasury is seeking input on taxing the DeFi space, and on provisions around staking and lending.
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While many countries have sped up their efforts to regulate cryptocurrencies following a crisis-filled 2022, most still lack a clear framework for the industry to build around.
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“When you think about Bitcoin, it’s potentially the largest country or one of the largest countries today. But it’s digital and it’s spread out everywhere,” Jeff Booth told Cointelegraph.
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The proposed regulatory changes seek to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers.
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The British government has pledged 100 million British pounds ($124.8 million) in funding to support a task force for the development of “safe AI.”
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The Financial Conduct Authority wants input from crypto companies on moving forward with regulations.
15963 - Podcast
Can a Bitcoin-boosted football club breathe life into a tired town in the United Kingdom? This week’s “Decentralize with Cointelegraph” podcast tours Bedford.
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"We’re the Bitcoin club. But as Bitcoin is, we're a community. So this is our team. And if we go up, everyone's going to be like, Yeah, that's our team!" chairman Peter McCormack told Cointelegraph.
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The insights of Project Meridian would be used by the Bank of England in its real-time gross settlement system.
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