CryptoUK

A clear regulatory framework for #cryptoassets and #stablecoins is crucial to drive innovation forward. Industry players need this clarity to prepare for growth and change. Read more in our response to the Bank of England's approach to innovation in #money and #payments discussion paper, published on our website here 👉https://buff.ly/3Yl6UTL … #CryptoUK #BoE #UK #Policy #Regulation #Blockchain #DLT #Finance #FinTech #TradFi #Tokenization #DigitalAssets #DigitalCurrencies #DigitalPayments #DigitalMoney #Cryptocurrency #CBDC #Tokenized #Payments

Breaking: Donald Trump has won the #US #Election. During his campaign, the President-Elect has shown his support for advancing pro-crypto policies, emphasising the potential of #blockchain technology and #digitalassets in driving economic innovation and strengthening US leadership in the #digitaleconomy. Some of the pre-election pledges included: - Establishment of a Pro-Crypto Regulatory Environment: Trump has committed to creating a regulatory framework that supports #cryptocurrency development. He plans to appoint a crypto-friendly board to draft industry regulations, ensuring that policies are crafted by individuals who understand and support the #crypto sector. - Promotion of Domestic Bitcoin Mining: Trump has expressed a desire to make the US the leading hub for #Bitcoin #mining. - Support for Self-Custody Rights: Trump has promised to protect individuals' rights to self-custody of their digital assets, ensuring that Americans can hold and manage their cryptocurrencies without government interference. - Appointment of a Pro-Crypto SEC Chair: Trump has indicated his intention to replace the current Securities and Exchange Commission (#SEC) Chair, Gary Gensler, with someone more favourable to the crypto industry, aiming to reduce regulatory burdens and promote innovation. Given the US dollar's dominance in global trade, accounting for approximately 88% of all foreign exchange transactions as of April 2022 (#BIS), US Dollar-based #stablecoins like #Tether (#USDT) and USD Coin (#USDC) have played a pivotal role in recent years, with USDT alone representing about 69% of the $170 billion stablecoin market (#decrypt). Meanwhile, some of the leading global firms within the blockchain space are based in the US, notably the likes of #Ripple, #Coinbase, #IBM, #Block, #R3 - to name a few. Greater regulatory clarity will not only enable innovators such as these to operate with certainty within the US, but it will provide greater confidence in the market as a whole, allowing for international investment and greater global cooperation. We would hope that the UK Government can work alongside the US to ensure global standards and collaboration in advancing crypto regulation and adoption are high on the agendas across both jurisdictions. We at #CryptoUK believe that global regulatory clarity is essential for enabling digital currencies to interoperate effectively and enable collaboration among nations, fostering a more robust and inclusive digital economy. Whether you work in crypto or simply invested in some way, what does this result mean to you? Is this a positive outcome in your opinion, or a negative one? Let us know your thoughts in the comments below 👇

#Crypto investigative strategies are crucial for fostering trust and security within the #digitalasset space, as they help prevent financial crimes, promote regulatory #compliance, and ultimately support the industry's sustainable growth. If you're interested to learn more, Merkle Science would is extending an invite to the #CryptoUK community to join their upcoming webinar "A 3-Hour Crash Course in Mastering Crypto Investigative Strategies". Detective and Former DEA, Scott Simons, and Senior Solution Architect & Blockchain Analysis Expert, Dr. Justus Delp, will guide attendees through a number of key topics during the webinar: 📜 #Bitcoin fundamentals 🧐 Tracing #BTC transactions 🌐 #Ethereum and #ERC20 tokens 🎨 #NFTs, #DeFi, #DEXs 🔍 Tracing Ethereum transactions 💱 #Stablecoins (#USDC/#USDT) 🏧 Common fraud with Crypto ATMs 📑 Handling reports involving crypto for SLTT 🔗 Investigative avenues for furtherance 🛠️ Hands-on experience with Tracker tool using the trial license Tracker is designed to assist law enforcement agencies in tracking and analysing #cryptocurrency transactions, aiding in investigations related to financial crimes. It supports DeFi and #smartcontract investigations, cross-chain graphing, and provides real-time wallet monitoring, helping identify and investigate crypto-related crimes efficiently. The platform also features automated reporting and collaboration tools for simplified, secure sharing with external parties. If you would like to learn more, be sure to join the webinar! You can reserve your spot here 👉 https://buff.ly/3AbDWxB

#UK #crypto rules unclear for firms avoiding #Europe’s #MiCA regulation, written by Helen Partz for Cointelegraph ⚡ In this article, Su Carpenter, Executive Director of #CryptoUK, addresses the challenges facing crypto firms looking to the UK as an alternative to the #EU's Markets in Crypto-Assets Regulation (MiCA). Su observes that while MiCA’s stringent requirements could push some companies to consider relocating, the UK’s regulatory environment is also fraught with uncertainties, largely due to delays following the recent government changes. Although the UK conducted regulatory consultations in late 2023 and early 2024, a clear direction under the new #Labour government is still lacking, making it an unpredictable alternative to #MiCA’s structured framework. While the UK could capitalise on MiCA's strictness to attract companies, the country’s regulatory clarity needs improvement to serve as a viable alternative. Read the full article 👉 https://buff.ly/3BXqm1m

Busy day with the Budget today. Catch Ben Lee and I tomorrow for a talk about the #Budget 2024 and what it means for you. The big announcement for the crypto CGT increased from 10% to 18% and 20% to 24% - effective immediately on 30 October. This is shocking as the supporting documents state that only 1% pay CGT - so why bring it in immediately for such a small tax take? Even the Stamp Duty Land Tax changes were given a day before implementation.  This also complicates the CG tax calculation as there needs to be split-year treatment (a complication nobody - not even HMRC would want). However, it is not all doom and gloom, and if you have any losses in the year or brought forward, these can be offset against the higher taxed gains. The only direct mention of crypto was in relation to the #CARF aspects and for #CARF the draft legislation has been published as has the response to the consultation. The government is still seeking feedback on technical matters to ensure that it operates correctly. Certainly there are still ongoing discussions are the OECD on the implementation of CARF. In the mix is that CARF information will be domestic purposes as well - which is largely expected. The consultation closes 10 January 2025 (where has the year gone!!). Unfortunately it seems that the #DeFi consultation has disappeared down the priority list for ministers and seems to have got to the measures graveyard. https://lnkd.in/et5w65gs https://lnkd.in/eK6HNTKP

What does today's #budget mean for the #UK #crypto industry, and how will it affect those holding #cryptocurrencies and #NFTs in #Britain? We, and our members are disappointed that the Chancellor did not take this opportunity to align #digitalasset taxation with traditional transactions and failed to give the industry further clarity on the #tax regime, leaving many start-ups, scale-ups and investors in limbo. We firmly believe and advocate that the #digitalassets industry has an important role in supporting economic growth and job creation in the UK, but this needs to be done on a level playing field. Here's a quick summary from today's #Budget2024 announcement: 🔺 Capital Gains Tax (#CGT): There has been much speculation of CGT rate hikes with predictions of significantly increased rates. The outcome of today's budget on #crypotoasset holders is not as large as anticipated, BUT this increased rate is an in-year change and will take effect on all disposals from today onwards and not starting from 6 April 2025. The lower and higher rates of CGT will increase, with the lower rate rising from 10% to 18%, and the higher rate from 20% to 24%. 🟢 Cryptoasset Reporting Framework (CARF): The government has today published the draft CARF regulation, alongside the summary of responses to the consultation started in March 2024. HMRC will invite comments from stakeholders on the draft regulations. The time limit for comments on the draft regulations is 10 January 2025. More broadly for the UK crypto sector: 🟢 Digital Assets and Cryptocurrencies: The Government reaffirmed its commitment to expanding the regulatory framework for digital assets. This will require all crypto-related businesses operating in the UK to apply for authorisation under the Financial Services and Markets Act, rather than transitioning automatically from current Financial Conduct Authority (#FCA) registrations. 🟢 Additionally, the statement confirmed that the government will proceed with earlier plans to exclude #NFTs and purely collectable tokens from financial regulations, focusing regulation instead on more traditional asset-like crypto products. Measures are also being implemented to address risks and prevent market abuse, while actively engaging with the industry to foster innovation and economic growth within a secure regulatory environment. However, there is a lot to unpick and with growth and investment being the driving forces of this government we hope that we can continue to help educate and show the benefits and opportunities of the digital asset sector. We will follow up with our members and relevant steering committees and working groups to establish a clear approach for addressing some of the outstanding and ongoing concerns for the sector.

Ahead of tomorrow's Autumn Budget Statement we were encouraged to hear from Tulip Siddiq MP, City Minister and EST in Westminster yesterday stating that “The Government is committed to fostering a vibrant, competitive, and innovative financial services sector. Last October, the Treasury published detailed proposals for the financial service regulation of cryptoassets and stablecoins. The Government has been reviewing those proposals in detail and will set out details of its policy programme for cryptoassets soon.” Source: https://buff.ly/3YhzNQw ... #Crypto #UK #Blockchain #DLT #FinTech #Cryptoassets

Crypto-native lawyers - @ CMS Law We’re now into our 4th year as UK specialists for this global text.  Written by four of our crypto lawyers Mike Ringer, Matthew Nyman, Anna Burdzy, Charles Kerrigan, plus our resident industry expert Erica Stanford ➡️get in touch with specialists at [email protected]   All you need to know on crypto law and regulation in the UK - read for free at - https://lnkd.in/e5KUNa7B The book answers questions for 30 countries for side-by-side comparison. Plus special chapters on topical matters, including this from Wall Street Blockchain Alliance - https://lnkd.in/eZQuV-J6

In July 2024, the Bank of England (#BoE) published a discussion paper outlining its approach to adapting to innovations in #money and #payments, emphasising financial stability, safe regulatory environments, and potential uses for #programmable platforms like Distributed Ledger Technology (#DLT). Key topics include preparing for #tokenized assets, exploring wholesale central bank digital currencies (#CBDCs), and establishing frameworks for #stablecoins and retail CBDCs. The Bank invited feedback on these topics, considering both domestic and international developments. We are pleased to announce that we have now submitted our response, which you can find on our website here 👉 https://buff.ly/3Yl6UTL … #CryptoUK #UK #Policy #Regulation #Crypto #Cryptoassets #Blockchain #Finance #FinTech #TradFi #Tokenization #DigitalAssets #DigitalCurrencies #DigitalPayments #DigitalMoney #Cryptocurrency #Stablecoins #CBDC #Tokenized #Technology

#CryptoUK member Avyse Partners is hosting a webinar on Wednesday, 6 November, where Sam Jarvis - drawing on 15 years in the #FCA’s financial crime team - will share key insights on what to expect in FCA regulatory assessments. Some topics she will be covering includes: 1️⃣ What are the different FCA supervisory tools? 2️⃣ Spotlight on the use of "PAMLP" and dealing with the FCA Key Takeaways: ✅ How you can prepare ✅ How you can use their gap analysis tools ✅ How they can help For more information and to register for the webinar, visit Avyse’s blog 👉 ... #Crypto #UK #Regulation #PAMLP #Learning #Finance