#UK News

Gains on Bitcoin Won’t be Taxed in the UK, Thanks to a Loophole

FCA Survey Reveals Younger Investors are Oblivious to Risks Associated With Crypto and Forex Investments

March 24, 2021 by Anthonia Isichei at Regulation

A research conducted by a consulting firm commissioned by the UK Financial Conduct Authority (FCA), showed that younger consumers in the country were involved in high risk investments such as cryptocurrencies. Young Consumers Invest in Crypto for the Thrills According to a press release published by the UK regulator on...

Bitcoin ad banned for 'misleading pensioners'

UK Advertising Regulator Bans Bitcoin Ad Deemed Misleading

March 18, 2021 by Anthonia Isichei at Regulation

The Advertising Standards Authority (ASA), a self-regulatory advertising watchdog in the UK, has banned a bitcoin ad by cryptocurrency exchange, Coinfloor, for misleading a particular target audience. Bitcoin Ad Seen as Misleading and Socially Irresponsible According to an announcement on Wednesday (Mar. 17, 2021), the ASA upheld a complaint brought...

FCA Issues Fresh Crypto Warning to UK Investors

January 11, 2021 by Anthonia Isichei at Regulation

Fresh from enacting its ban on the sale of crypto derivatives to retail traders, the U.K. Financial Conduct Authority (FCA) has issued new warnings about crypto investments to consumers. Meanwhile, commercial banks in the country are adopting a more anti-cryptocurrency stance refusing to accept deposits from virtual currency sources even...

UK Treasury Opens Public Consultation on Crypto and Stablecoin Regulations

January 8, 2021 by Anthonia Isichei at Regulation

The U.K. government is moving forward with its plan to harness the expanding crypto and digital asset market by organizing a public consultation on planned stablecoin and cryptocurrency regulations. The move is part of the U.K.'s economic transformation post-Brexit with an emphasis on leveraging the developing fintech landscape. UK Ponders...

FCA Ban on Retail Crypto Derivatives Trading Will Be in Full Effect Today

January 6, 2021 by Evan Ezquer at Regulation

The Financial Conduct Authority (FCA) ban on crypto products will officially be in full effect today. The authorities had earlier announced the ban around October last year, stating that crypto-based products were not suited for retail customers because they lack a reliable valuation, are prone to price volatility, are known to...

G-7 Countries Discuss Significance of Regulating Crypto Assets

December 8, 2020 by Aisshwarya Tiwari at Regulation

Cryptocurrencies dominated the meeting table during the latest G-7 members meeting. G7 Nations Keen on Adopting Crypto Regulations The tremendous rise of cryptocurrencies, especially bitcoin (BTC) has been one of the few silver linings of an otherwise unfortunate year. Unsurprisingly enough, this popularity of cryptocurrencies is being keenly observed by...

U.K. Classifies Cryptocurrencies as Property Under English Law

UK Authorities Get Serious with Stablecoins, Set to Unveil Regulatory Framework

November 10, 2020 by Ogwu Osaemezu Emmanuel at Regulation

The government of the United Kingdom is making active plans to transform the nation’s financial ecosystem and ultimately make the region a hotbed for innovative businesses. The government says it plans to formulate amenable regulations for stablecoin initiatives and central bank digital currencies (CBDCs), according to a statement November 9,...

LSE-Traded Mode Adopts Bitcoin as Reserve Asset

London Stock Exchange-Listed Company Buys Bitcoin as Reserve Asset

October 21, 2020 by Dalmas Ngetich at Bitcoin

The London Stock Exchange (LSE)-listed company, Mode Global Holdings PLC, is assigning 10 percent of their cash reserves to purchase Bitcoin. This is part of its treasury investment strategy, according to a statement on Oct 21. Mode Banking Joins Square and MicroStrategy The publicly traded Fintech Group now joins the likes of...

UK Regulators Officially Ban Retail Crypto Derivatives Trading

October 6, 2020 by Anthonia Isichei at Regulation

The UK Financial Conduct Authority (FCA) has officially prohibited the sale of crypto derivatives and exchange traded notes (ETNs) to retail consumers in the UK. FCA Says Ban in the Interest of Retail Crypto Traders The UK financial watchdog made this announcement in an official press release on Tuesday (October...

DeFi Project Aave (LEND) Locks in $1.4 Billion in Crypto, U.K. Money License Granted

August 25, 2020 by Shaurya Malwa at Altcoins

The rise of decentralized finance (DeFi) applications received a boost yesterday after an influential project, Aave, gained a license to operate in the UK. The move came as Aave locked over $1.4 billion in cryptocurrencies staked on its platform. Aave Makes the History Books DeFi credit market project Aave now...

U.K. Authorities Seek to Regulate Bitcoin Related Adverts

July 21, 2020 by Ogwu Osaemezu Emmanuel at Regulation

Her Majesty’s Treasury (HMT), in collaboration with the government of the United Kingdom, has put up a proposal that seeks to give the country’s financial watchdog, the Financial Conduct Authority (FCA), the power to regulate some crypto-related advertisements in the region. The primary objective of the move is to promote...

Kraken Subsidiary Bags Regulatory License to Offer Crypto Derivatives Trading in the UK

UK Regulator Approves Kraken-Owned Cryptocurrency Derivatives Platform

July 6, 2020 by Aisshwarya Tiwari at Regulation

Crypto exchange Kraken’s UK-based subsidiary – Crypto Facilities – has bagged the coveted Multilateral Trading Facility (MTF) license from the UK financial watchdog, the Financial Conduct Authority (FCA). First Crypto Firm to Obtain the MTF License In a first, Crypto Facilities, also known as Kraken Futures, a subsidiary of one...

UK: FCA Suspends Wirecard Subsidiary Responsible for Issuing Crypto Debit Cards

June 26, 2020 by Aisshwarya Tiwari at Regulation

The UK financial watchdog – the Financial Conduct Authority (FCA) – today announced that it had suspended troubled payment processor Wirecard’s subsidiary, Wirecard Card Solutions (WCS), which was responsible for issuing Visa crypto debit cards. Consumer Protection the Top Priority The spectacular fall of the German payment processing firm Wirecard has sent...

Crypto Startups Operating in the U.K. Get June 30 Registration Deadline

June 22, 2020 by Ogwu Osaemezu Emmanuel at Regulation

The Financial Conduct Authority (FCA), the United Kingdom’s financial watchdog has reminded all Bitcoin (BTC)-linked businesses to send in their applications for registration before June 30, 2020, or risk getting ousted from the region, according to a press release on June 22, 2020. Crypto Firms Must Submit Application Before June...

UK FCA Releases New Rules For Crypto Businesses

February 4, 2020 by Osato Avan-Nomayo at Regulation

The UK’s Financial Watchdog, the Financial Conduct Authority (FCA) has announced its implementation of a new regime to provide a detailed set of rules for crypto businesses in the country. The new FCA handbook proposes different application fees for businesses according to their business size, income, and profit from asset...

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