So far there is no Cryptocurrency Regulations in the UK

CjMapope

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Quote from: Prateek_sharma on January 14, 2020, 02:05:06 AM

As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

Nice to see them doing SOMETHING, but the UK is a funny one, its the only place i can think of ponzis are basically legal, its ridiculous
im not sure if it's a freedom thing, or a pompous thing, or WHY its like that, but crypto scams especially hyips run wild there because of it Sad

One thing tho: atleast they got taxes right on crypto there! (no taxes on personal mining)

zhekinsp

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Many countries warned people about risks or investing in cryptos but still it is legal to hold and trade cryptos there,sometimes new projects have restrictions to save people from getting scammed.

If UK doesn't have any regulations means users no need to pay high taxes but in case of any scam or fraud then its not possible to claim anything.

duuuuude

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I know that the same situation is in Russia where cryptocurrency does not appear in the legal field and you can freely use cryptocurrency. I think this is because at the moment the government is not particularly excited about this sector.

TastyChillySauce00

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Definitely the right thing to do. When it comes to investment, the government shouldn't limit the right of their users too much and instead giving a regulation that could secure their citizens. Although I think the lack of crypto regulations in UK simply because they are not ready to release it yet and it's just a matter of time until they do, they should take many things into account including how beneficial crypto for their citizen by conducting some kind of survey.

VanDeinsberg12

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Quote from: Prateek_sharma on January 14, 2020, 02:05:06 AM

As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

it's not 100% legal but the condition of crypto in the UK if crypto is not illegal nor legal. In my understanding if crypto has already placed into the grey area which means the government just give a warning about the possibility of the high risk that will be discovered when someone was trying to join n crypto. That means if the people deal with their decision by joining in crypto.

Xcode7

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Quote from: Prateek_sharma on January 14, 2020, 02:05:06 AM

As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

Of course this is arguably a good system, I don't know how long it lasts, I think Britain always has a different pattern compared to the US and China, although there will definitely be a bit of similarity in rules there. Of course the space for investors in the UK will always be monitored for the sake of creating a positive environment for all people, therefore they think of steps that have minimal risk even though there will always be controversy over every policy.

alyssa85

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Quote from: Prateek_sharma on January 14, 2020, 02:05:06 AM

As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

HMRC (the tax office) has said that cryptocurrency is an asset and is subject to capital gains tax like other assets. But the UK has a £10,000 tax free limit on capital gains per year, so you only pay tax on gains above that.

As far as I can tell, that's the only regulation on crypto in the UK.

Britain doesn't like banning things - they prefer to do a warning about scams and then allow people to make their own decisions. As long as you pay your tax, you are good.

DabsPoorVersion

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Quote from: aioc on January 14, 2020, 07:21:33 AM

Quote from: Casdinyard on January 14, 2020, 03:42:43 AM

Quote from: Prateek_sharma on January 14, 2020, 02:05:06 AM

As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

They just warned the people about crypto asset since mostly of the enthusiasts are treating this as an investment nor asset and since the crypto is volatile it can lead to loss of money. Of course, not to mention of the people that taking advantage of crypto popularity.

Having said that, there's no regulation under it and people can freely use it.
So to make it simple, just invest at your own risk and government has no liability to any losses that might occur.

Every government will do that, this is to protect their citizens from any loss that may incur, it is ok because not all people are good trader and can make a profit from trading in Cryptocurrency, this will not make the government ban Cryptocurrency, it's the same in my country, it's legal to buy Bitcoin but they issued warnings about investing in Cryptocurrency.

I think it is still depends on the government. Like in our country, though, there is a lot of negative news regarding crypto, but the government remains neutral.
And I think there are different reasons behind this. But yes, the main purpose is to protect their local people and also to avoid possible issues that might occur.

aioc

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Quote from: Casdinyard on January 14, 2020, 03:42:43 AM

Quote from: Prateek_sharma on January 14, 2020, 02:05:06 AM

As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

They just warned the people about crypto asset since mostly of the enthusiasts are treating this as an investment nor asset and since the crypto is volatile it can lead to loss of money. Of course, not to mention of the people that taking advantage of crypto popularity.

Having said that, there's no regulation under it and people can freely use it.
So to make it simple, just invest at your own risk and government has no liability to any losses that might occur.

Every government will do that, this is to protect their citizens from any loss that may incur, it is ok because not all people are good trader and can make a profit from trading in Cryptocurrency, this will not make the government ban Cryptocurrency, it's the same in my country, it's legal to buy Bitcoin but they issued warnings about investing in Cryptocurrency.

iconoclast

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The UK has always taken a different path to regulation than the US. American Financial services regulation is rules based where as the UK has a more principles based regulatory approach. Don't be fooled that just because the UK does not have specific rules that they are leaving things unregulated. If they see something they don't like that violates the principles of prudent financial services regulation they will act.

joinfree

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Frankly speaking i also don't know of any said legal rules and regulations regarding the use of cryptocurrencies in the United Kingdom but i fear that once these speculations have started rising their government is likely to go hard on anything related to cryptocurrencies. However, i hope they don't ban its use and investing into it completely but at least some rules to get fraudsters and scammers in check is fine by me.

Casdinyard

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Quote from: Prateek_sharma on January 14, 2020, 02:05:06 AM

As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

They just warned the people about crypto asset since mostly of the enthusiasts are treating this as an investment nor asset and since the crypto is volatile it can lead to loss of money. Of course, not to mention of the people that taking advantage of crypto popularity.

Having said that, there's no regulation under it and people can freely use it.
So to make it simple, just invest at your own risk and government has no liability to any losses that might occur.

Prateek_sharma

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As per a survey conducted by a London-based law firm, 20% of the affluent millennial of the UK have invested in Bitcoin and other cryptocurrencies.
The government of the UK has issued warnings for crypto-asset regulations but still, it is legal in the country.

Read here: https://coinpedia.org/cryptocurrency-regulation/cryptocurrency-regulations-in-the-uk/

What's your point of view on this?

Topic: So far there is no Cryptocurrency Regulations in the UK (Read 78 times)