Crypto makes history in 2022: Five instances of governments embracing digital assets
The year 2022 wasn’t the best one in terms of crypto reputation among regulators and policymakers. However, even amid the market breakdown and repetitive public attacks on the industry, some of the officials found the courage to embrace the innovation. Some of the names are not new, while others showed progress significant enough to include […]
U.K. includes crypto investments under the Investment Manager Exemption
The transactions of “designated crypto assets” entered into from the tax year 2022 to 2023 onwards will be qualified for the Investment Manager Exemption in the United Kingdom. Certain legislation was announced by the U.K. government back in April and is now executed by the Commissioners for His Majesty’s Revenue and Customs (HMRC). On Dec. […]
Bitcoin Lightning Network to be used in fiat transfers between EU and Africa
The ongoing crypto winter is not stopping the industry from pushing for global adoption and accessibility. A new partnership between CoinCorner and Bitnob opens a way for users across continents to perform cross-border transactions involving multiple fiat currencies. Typically transfer of funds between Europe and Africa requires a third-party facilitator like Western Union, which rely […]
UK crypto bill to restrict services from abroad: Report
Despite the Conservative Party’s rhetorical embracement of crypto under the new Prime Minister Rishi Sunak, the upcoming regulatory framework will reportedly tighten scrutiny over the industry. The legislation updates will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom. According to a Financial Times report, the FTX […]
How can UK-based businesses accept Bitcoin?
Accepting Bitcoin payments is advantageous due to lower fees than credit and debit cards, expansion of customer base and real-time bank balances. However, risks like volatility and cybercrime may undermine these benefits. Cryptocurrency payments help save excessive credit and debit card processing fees as they are decentralized and do not need intermediaries to verify the […]
UK bank Starling bans crypto-related purchases and deposits citing high risk
Starling — a digital bank based in the United Kingdom — is the latest financial institution to ban crypto-related transfers and activities for its cardholders. Starling customers will no longer be able to purchase cryptocurrencies like Bitcoin (BTC) or receive incoming transfers from crypto exchanges or merchants. The online bank announced the news in a […]
UK lawmakers open inquiry into NFT regulation — ‘there are fears that the bubble may burst’
Members of the United Kingdom’s Digital, Culture, Media and Sport Committee have opened an inquiry to hear from the public on the potential benefits and risks of nonfungible tokens, or NFTs, and blockchain on the country’s economy. In a Nov. 4 announcement, the DCMS committee said its inquiry was related to the sudden growth of […]