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Witnessing the digital breakthrough
ePayments Systems Forced To Cease Activity; Million Accounts Frozen
Legislation   |   13.02.20  |  

One of the largest digital currency institutions in the UK was forced to cease activity due to increased concerns about anti-money laundering procedures One of the largest digital currency institutions in the UK was forced to cease its activity due to increased concerns about anti-money laundering (AML) ...

British HMRC Does Not Recognize Cryptos as Real Money
Legislation   |   05.11.19  |  

The agency has concluded in a new ruling that cryptocurrencies are not to be recognized as real money, but tax laws will still apply to their multiple variations Her Majesty’s Revenue and Customs agency has concluded in a new ruling that cryptocurrencies are not to be recognized as real money, but tax laws will still apply to their multiple variations. According to the new ruling that the HMRC released, every single cryptocurrency that is used as a means of exchange needs to be identified as taxable...

FCA’s Crypto Investigation Cases Have Nearly Doubled Since 2018
Crime   |   07.10.19  |  

Data shows that just in 2018 nearly 50 cryptocurrency companies were being investigated by the regulator, and were found to be violating the law in one way or another According to the Financial Times, the United Kingdom’s Financial Conduct Authority, which is responsible for the financial landscape of the country has nearly doubled its investigation cases with firms involved in cryptocurrencies over the course of 2018 and 2019 combined. Data shows that just in 2018 nearly 50 cryptocurrency companies...

Are Crypto Taxes A Detriment To Cryptocurrency Adoption Or Are They A Part Of It?
Guest-posts   |   28.08.19  |  

... the United Kingdom. The only difference was that the IRS didn’t request information from the exchanges, they already had it, therefore targeted crypto holders in the country with personal letters directly. The HM Revenue and Customs agency in the UK though started with gathering the information from local crypto exchanges to later calculate the tax that is due from local crypto holders. With so many reports, it’s easy to become confused whether taxing cryptocurrencies is going to help us with ...

UK Political Party Says the Current Crypto Policy Is a Bust, Introduces New Option
Legislation   |   27.08.19  |  

The National Liberal Party has come out with a post on their website where they criticize the UK government for their failure to introduce a comprehensive cryptocurrency regulation The National Liberal Party of the United Kingdom has come out with a post on their website where they criticize the UK government for their failure to introduce ...

Barclays Reportedly To Break Off Working With Coinbase
Exchanges   |   14.08.19  |  

Anonymous industry sources said that the British bank will no longer provide services for Coinbase. The exchange opened an account at Barclays in March 2018 British banking giant Barclays breaks relations with US cryptocurrency exchange Coinbase, according to a Coindesk report on August 13. Anonymous industry sources said the British bank will no longer provide service Coinbase; the exchange opened an account at Barclays in March 2018. Despite the fact that a new partner bank has already been found...

UK Pension and Welfare Agency Is Looking Into Blockchain For Future Implementation
Innovations   |   13.08.19  |  

... DWP will indeed implement the Distributed Ledger Technology (DLT) sometime this year and base it on local banks’ attempts at trying out the blockchain technology. This news comes in the wake of the HMRC requesting customer trading information from UK crypto exchanges such as Coinbase, CEX.IO, and eToro which are just now starting to comply. This could be the DWP’s method of streamlining the taxing process of all pension funds and saving costs on things like data collection and etc. The only other ...

Tax Agency in the UK Demands Customer Trading Data From Crypto Exchanges
Uk   |   08.08.19  |  

The UK HMRC agency has contacted several locally registered cryptocurrency exchanges and demanded they provide information on customer transaction histories The UK HM Revenue and Customs agency has contacted several locally registered cryptocurrency exchanges ...

UK: Bitcoin and Ethereum Do Not Require Regulation
Legislation   |   01.08.19  |  

... though the content of the crypto assets guide presented by the British regulator closely resembles the widely discussed CP19 document released earlier this year, the report nevertheless provides more clarity in the classification of digital assets. UK’s watchdog believes that “market participants use the Guidance as the first step in understanding how they should treat certain crypto assets, however, definitive judgments can only be made on a case-by-case basis.” Image courtesy of: Megacryptoworld

UK Golf Courses Now Permitted to Accept Bitcoin
Guest-posts   |   17.07.19  |  

The Royal & Ancient Golf Club of St Andrews (R&A) has implemented a new ruling that states all UK golf courses must legally accept payment in the original cryptocurrency The Royal & Ancient Golf Club of St Andrews (R&A), which is the ruling authority of golf worldwide apart from North America, has implemented a new ruling that states all UK golf ...


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