UK financial watchdog exec hints at importance of international collaboration on crypto regulation The chief executive of the United Kingdom’s Financial Conduct Authority, or FCA, said the U.K. government will be working with its counterparts in the United States to address a regulatory framework for cryptocurrencies. In a speech for the Peterson Institute for International Economics on Thursday, FCA chief executive Nikhil Rathi said the U.S. and the […]
BoE official compares current crypto market regulation to 'unsafe aeroplanes' Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn. In a written speech at the British High Commissioner's Residence in Singapore on Tuesday, Cunliffe said regulators needed to “get on with the job” of incorporating […]
Hong Kong securities regulator CEO to lead UK financial watchdog Ashley Alder, the chief executive officer of Hong Kong’s Securities and Futures Commission, will become the next chair of the United Kingdom’s Financial Conduct Authority. In a Friday announcement, the U.K. treasury said it had appointed Alder to chair the country’s financial watchdog starting in January 2023. He will succeed interim FCA chair Richard Lloyd, who […]
Majority of British crypto owners revealed to be hodlers: Survey An average crypto asset holder in Great Britain would be young, male and hodler. And they would consider crypto to be a ‘fun investment.’ Such are the findings from the fresh research, conducted by Her Majesty Revenue and Customs (HMRC) with the help of research agency Kantar UK and published on Tuesday. Taking a quantitative […]
Crypto market volatility shows need for 'enhanced regulatory and law enforcement frameworks' — BoE The Bank of England has called for “enhanced” regulations of crypto to address potential risk to the country’s financial stability amid the market capitalization dropping more than $2 billion. In the BoE’s Financial Policy Committee report on financial stability for July, the central bank said factors including the growth of the crypto market and climate […]
The UK 'Bitcoin Adventure' shows BTC is a family affair Bitcoin (BTC) is for everyone: toddlers, kids, hard rockers and even racing pigs. At the "Bitcoin Adventure" held in Avon Valley, near Bristol, Bitcoiners and hobbyists shared their knowledge, quips and personal journeys down the Bitcoin rabbit hole despite the predictably wet United Kingdom weather. Better still, Bitcoin's "toxic maximalism" was MIA. pic.twitter.com/7IOtpYuSDh — The […]
British Army’s social media accounts hacked by crypto scammers The British Army’s official Twitter, Facebook, and YouTube accounts were breached on July 3 for almost four hours, with scammers promoting rip-off non-fungible token (NFT) collections and cryptocurrency scams. Just after 2PM ET on July 3, the United Kingdom Ministry of Defence (MOD) Press Office tweeted it was aware the Army’s social media accounts were […]
Tether to launch GBPT stablecoin pegged to British pound sterling Major stablecoin company Tether is expanding its stablecoin offering with a new cryptocurrency pegged to the British pound sterling (GBP). Tether officially announced on June 22 that its upcoming GBP-pegged stablecoin, GBPT, will launch in early July and will initially support the Ethereum blockchain. GBPT will be a stable digital currency pegged on the 1:1 […]
HM Treasury changes course on collecting data around unhosted crypto wallets The government of the United Kingdom said it intends to modify a proposal that would have required crypto firms to collect personal data from individuals holding unhosted wallets who were the recipients of digital asset transfers. In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on June 15, HM Treasury […]
A life after crime: What happens to crypto seized in criminal investigations? Earlier this year, during during the annual Queen’s Speech in the United Kingdom, Prince Charles informed the Parliament about two bills. One of them — the Economic Crime and Corporate Transparency Bill — would expand the government's powers to seize and recover crypto assets. Meanwhile, the United States Internal Revenue Service (IRS) seized more than […]
Enforcement and adoption: What do UK’s recent regulatory aims for crypto mean? In April, the United Kingdom’s Economic and Finance Ministry, also known as Her Majesty’s Treasury, announced its intention to put the United Kingdom at the forefront of technology by bringing stablecoins under the country’s payments regulation — a bold move that looks especially intriguing in contrast to the recent shock, caused by TerraUSD’s (UST) depegging. […]
Law Decoded: The long waves in the aftermath of UST’s crash, May 16-23 It’s been two weeks since the shock of the TerraUSD (UST) depegging, but the long waves of this event are still coming in. The Congressional Research Service described the UST crash as a “run-like” scenario and claimed that the crypto industry has not reached the same level of “adequate regulating” as the traditional finance market. […]
FCA will 'absolutely' consider recent stablecoin depegging when drafting crypto rules: Report Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022. According to a Friday Bloomberg report, Pritchard said the financial regulator will “absolutely” take into account stablecoins […]
The Lightning Network Lunch: A Bitcoin contactless payment story The Lightning Network (LN) just got a bit faster, as the suitably named Bolt Card now enables Bitcoin (BTC) enthusiasts to pay for goods and services using contactless technology. A data analyst at the company behind the card, CoinCorner, took the Bolt card on a trial run on the Isle of Man, a British Crown […]
London assembly member calls for ban on crypto ads in trains and buses Sian Berry, former co-leader of the Green Party of England and Wales and current member of the London Assembly, is looking to crack down on crypto advertisements on public transport. According to a Nov. 14 Twitter post, Berry said she would be recommending the Mayor of London, Sadiq Khan, ban all crypto advertising in the […]
Guernsey regulator approves Jacobi Asset Management’s Bitcoin ETF launch Jacobi Asset Management, a London-based multi-asset investment platform, received approval from the Guernsey Financial Services Commission (GFSC) to launch a Bitcoin (BTC) exchange-traded funds (ETF). Speaking to Cointelegraph, Jacobi Asset Management CEO Jamie Khurshid said that the regulatory clarity helps corporations and institutions to get involved in Bitcoin investments safely without all the risks associated […]
New study reveals high demand for payments in cryptocurrency Payments in cryptocurrencies like Bitcoin (BTC) make up one of the biggest use case demands among consumers alongside long-term investment, according to new data. Pymnts, a major payments-focused publication, released Monday a report on consumer preferences regarding cryptocurrency payments. Dubbed “Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum As A Payment Option,” the study analyzes a survey […]
Softbank leads $800M investment for banking app Revolut Revolut, a major British banking app featuring cryptocurrency investment, has secured $800 million in a new funding round. The new investment round is led by Japanese financial giant SoftBank and United States hedge fund Tiger Global, which collectively hold around 5% in Revolut, CNBC reported Thursday. The round values Revolut at $33 billion, marking a […]
UK will hold back action against crypto ‘pockets of exuberance’ for now The Bank of England (BoE)'s latest Financial Stability Report, released twice yearly, acknowledges that increased crypto trading action and price volatility in 2021 signals that the sector is harboring “potential pockets of exuberance.” The report notes that the top market cryptos, Bitcoin (BTC) and Ether (ETH), saw a sharp appreciation in value over the 12 […]
Survey: 21% of UK crypto investors say they know almost nothing about it A new survey paints a bleak picture of British crypto investors' motivations, knowledge and exposure when it comes to their investments. Almost two in five (36%) of retail crypto investors in the country have conceded that their understanding of the sector was "poor or non-existent" when they made their first investments. As time has gone […]
