For some people it will be big problem. Why? They dont want to pay the tax with bitcoin. And also some people prefer to get privacy.
So anonymous of bitcoin will not work anymore if the regulation like that.
For me i dont really care, most important i can still make transaction with bitcoin like trading.
Topic: Treasury ministry plans strong regulations of Bitcoin (Read 304 times)
United Kingdom Treasury wants to crack down on Bitcoin since there are growing concerns of its use in money laundering and dodging taxation and will implement a regulation that requires cryptocurrencies to disclose their identities and report suspicious activity.
https://coinpedia.org/news/treasury-ministry-regulations-bitcoin/
https://coinpedia.org/news/treasury-ministry-regulations-bitcoin/
Money laundering and terrorism financing is a growing concern for all countries with the the growth and popularity of bitcoin. So it is better to provide a proper framework to the bitcoin users. It will bring back the transparency and credibility in the crypto market and normal users like us will have peace of mind while transacting in bitcoin. I believe a normal person will have no issues to pay tax on bitcoin transactions or on the income. The more important matter is the legalization of bitcoin. It will increase and adaptability of bitcoin in the local market and increase the market cap. Overall positive impact will happen.
Same as any investment - fiat, bonds, stocks, shares - pay your taxes and you will have no problems, provided you aren't doing anything illegal.
Not really the same, because stocks and bonds can't be sent in the same decentralised and pseudonymous way that BTC can. I don't think that the UK government really considers crime conducted with BTC to be as huge a threat as they claim - if anything the threat may be decreasing, because small-scale criminals can often find the fees annoying (as you can tell on darknet markets and related forums).
They should really be focused specifically on taxation, but instead they're pretending that crime is a huge factor in their decision. Even though it may play some part, I think that the prominence of P2P trading and the use of cash makes this a futile battle.
bitkoyn impossible to control technically, they need to either ban or leave at large.
This is what countries with developed economies like the EU are concerned. And many countries are beginning to react strongly to bitcoin as well as to the crypto market.
I would be fine with it, because it signifies that they're not implementing a ban in the future. The disclosure of identities is pretty meh though and goes against the core principles of cryptocurrencies. But then again, the moment you sign up for an exchange, you get your identity verified anyway and your coins will be at least partially traceable from there, so I guess it's not that big of a deal in the grand scheme of things. The US has started it, and it's looking like the rest of the world will follow suit.
Still, this is good in a way. The silver lining is that once governments start to fully acknowledge Bitcoin's legitimacy, their citizens will start to acknowledge it as well. It's basically a compromise between privacy and adoption which I would accept, because it's not like we have a choice anyway. It's still much better than the alternative of a complete ban on grounds of money laundering, crime, etc.
Still, this is good in a way. The silver lining is that once governments start to fully acknowledge Bitcoin's legitimacy, their citizens will start to acknowledge it as well. It's basically a compromise between privacy and adoption which I would accept, because it's not like we have a choice anyway. It's still much better than the alternative of a complete ban on grounds of money laundering, crime, etc.
I think it's a good thing to do, because it will reduce the bad guys that make a negative image of bitcoin. so bitcoin rate will be good in the eyes of the world.
United Kingdom Treasury wants to crack down on Bitcoin since there are growing concerns of its use in money laundering and dodging taxation and will implement a regulation that requires cryptocurrencies to disclose their identities and report suspicious activity.
https://coinpedia.org/news/treasury-ministry-regulations-bitcoin/
https://coinpedia.org/news/treasury-ministry-regulations-bitcoin/
The regulation of cryptocurrency exchange platforms will never stop money laundering.
I think that it`s even easier to conduct money laundering with fiat money,instead of cryptocurrencies.
Anyway,the only change will be that ID verification will become mandatory for all the crypto traders in the UK.
I asume that this won`t increase the fees that UK crypto exchange platforms charge.
Same as any investment - fiat, bonds, stocks, shares - pay your taxes and you will have no problems, provided you aren't doing anything illegal.
yes, it's better and firmer. because such a thing will make the bitcoin users will not commit a crime. or the minimum bitcoin users will be afraid to commit a crime with bitcoin. I think if there are strict rules and punishments for criminals using bitcoin it will be better.
United Kingdom Treasury wants to crack down on Bitcoin since there are growing concerns of its use in money laundering and dodging taxation and will implement a regulation that requires cryptocurrencies to disclose their identities and report suspicious activity.
https://coinpedia.org/news/treasury-ministry-regulations-bitcoin/
https://coinpedia.org/news/treasury-ministry-regulations-bitcoin/
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