Tag Archives: united kingdom

The United Kingdom has grand aspirations of becoming a digital assets hub, just as London already is for traditional finance. However, those plans are being thwarted by watchdogs and policymakers who want to take a heavy-handed approach to regulation. On May 17, it was reported that a panel of UK lawmakers said crypto assets should be regulated as gambling “given they are potentially used by fraudsters and pose significant risks to consumers.” The report from Parliament’s...

Nexo – a popular cryptocurrency lending platform – is dissolving two business units based in the United Kingdom while it deals with regulatory issues in other parts of Europe and North America.  The latest steps are part of a “restructuring” effort that will still involve Nexo continuing operations within the country.  As reported by BNN Bloomberg, filings from this month show that the lender has applied to remove both Nexo Financial Services Ltd. and Nexo Clearing and...

The United Kingdom is gearing up for tax treatment of lending and borrowing on decentralized finance (DeFi) protocols. The country’s taxation division – HM Revenue and Customs – released a consultation document seeking views on modifying the tax treatment of DeFi lending and staking. The final decision on whether to proceed with legislative changes will be made after the consultation. This is the second stage of a five-step process and will be followed by drafting...

A resident of Scotland’s county Lanarkshire was left with a £150,000 debt (almost $190,000) after falling victim to a cryptocurrency fraud. She is now forced to sell her home to avoid additional financial issues. The woman sought support from Advice Direct Scotland and the local police, but the entities could not help her retrieve the funds. ‘It’s Absolutely Horrific’ Jennifer decided to invest her money into a crypto scheme after seeing a dubious advert on Facebook featuring...

Brian Armstrong – Chief Executive Officer of Coinbase – thinks US and UK-based cryptocurrency entities could relocate to other countries if the domestic watchdogs do not implement proper legislation on the industry.  He also hinted that his exchange might consider such a move should the regulatory situation in the States remains the same. ‘Anything is on the Table’ According to Armstrong, the American and British authorities should enforce appropriate crypto rules to prevent...

Andrew Griffith – economic secretary to the UK Treasury and Member of Parliament – said the Kingdom’s authorities plan to impose a regulatory framework on the cryptocurrency industry in the next 12 months.  The rules will aim to drive the sector forward and turn Britain into a digital asset hub.  Regulation is on its Way In a recent interview for CNBC, Griffith said the UK government is willing to enforce pertinent rules on the crypto sector and will discuss the matter until...

On April 12, Andrew Bailey, governor of the Bank of England, stated during a press conference at the Institute of International Finance in Washington that stablecoins should be regulated in the same way as fiat money. According to Bailey, stablecoins lack an “assured value,” one of the main characteristics that people look for when investing in this type of “digital money” that seeks to resemble fiat. He argues that because of this, the country needs to focus on providing a...

The number of countries approving different types of bitcoin futures trading continues to increase, with the UK being the latest example. The London Stock Exchange Group has tapped Global Futures Options to start offering the nation’s first regulated trading clearing in bitcoin index futures and options derivatives. Although the exact date of the product launch is unclear yet, both parties’ expectations indicate that the product will see the light of day during the last...

Crypto firms in the United Kingdom are struggling to obtain banking services, Bloomberg reported Sunday, citing multiple sources. Local crypto executives expressed frustration with rejected applications, frozen bank accounts, and overwhelming paperwork. The situation was exacerbated by the departure of United States-based lenders Silvergate Capital, Signature Bank, and Silicon Valley Banks. Banking Restrictions Hinder Crypto Firms in the UK According to the report, the...

The United Kingdom has dropped its plans to launch a government-backed non-fungible token (NFT) aimed at enhancing the country’s approach to crypto assets. Andrew Griffith, Economic Secretary of the Treasury, disclosed to Parliament that the Royal Mint, tasked with creating the NFT, would not proceed with the plan but would keep the proposal under review. HM Treasury Cancels NFT Plans Recall that Rishi Sunak, the UK’s Prime Minister and former Chancellor of the Exchequer,...