If they really approve of cryptocurrency as a regulated financial activity it would be a great great news. Maybe there is one or two exchange than need to be under government license that need KYC but if this happen it will huge impact rather banning the crypto for no reason.
If UK approve crypto and example Bitcoin ETF this will huge leap since UK is a great country in Europe maybe other country will start following.
Topic: U.k Approves Cryptocurrency As A Regulated financial Activity. (Read 369 times)
What the UK has done now is what the US should be doing, not the other way round.
It's because government wants to have control over it and since they can control Bitcoin, that's why they are doing that. Well, they will surely find another way to take control if not fully control then having a platform that they regulated would still bring them profits just like what the government did where they have regulated the app I am using to buy and sell crypto.
It's because government wants to have control over it and since they can control Bitcoin, that's why they are doing that. Well, they will surely find another way to take control if not fully control then having a platform that they regulated would still bring them profits just like what the government did where they have regulated the app I am using to buy and sell crypto.
The recent decision of United Kingdom to embrace crypto currency industry is undoubtedly a positive development. As UK is an influential country of European continent with strong economy, this decision of UK will certainly escalate growth and adoption of this emerging industry, build confidence of institutions to make substantial investment and encourage other countries to follow this example. Another encouraging development is the news of Korean parliament is set to pass legislation regarding crypto regulation soon. This another step towards establishing clear framework for crypto currencies.
https://www.coindesk.com/consensus-magazine/2023/01/26/south-korea-national-assembly-crypto-debate-regulations/#:~:text=Non%2Dsecurity%20tokens%20%E2%80%93%20which%20include,are%20enforced%20by%20the%20FSC.
While I can agree this is good news for those who seek to have clear rules in the investments related to Bitcoin while living in the United Kingdom, I am skeptical on the impact this will eventually have on the adoption of Bitcoin as legal tender in other countries.
While I cannot deny the influence of countries like the UK have on the global economy, still I think it is rather soon to talk about adoption as legal tender in other territories.
Just my opinion, of course.
While I cannot deny the influence of countries like the UK have on the global economy, still I think it is rather soon to talk about adoption as legal tender in other territories.
Just my opinion, of course.
i heard the UK government is actually considering the exchanges as betting platforms.
You may be referring to a story a few weeks back where a committe suggested making trading in cryptocurrencies to be considered gambling, suggested in order to protect people from buying into things they know nothing about and losing all their savings on a dud project.
https://www.theguardian.com/technology/2023/may/17/cryptocurrency-trading-in-uk-should-be-regulated-as-form-of-gambling-say-mps?CMP=share_btn_link
This will never pass anywhere close to passing in the UK, not because it is inaccurate and not helpful, but because gambling profits in the UK are "untaxed" ....
Cryptocurrencies have advanced with the U.K. The U.K. has made cryptocurrencies and blockchain technology more welcoming by regulating them as financial activities. The FSMB's comprehensive crypto integration plan is well-informed. It illustrates how open supervision, innovation encouragement, and strong consumer protection may benefit society. Its crucial to remember that regulatory attitudes change throughout time. Is it possible? The U.K.'s approach may sway other countries, notably the U.S. Bitcoin and other cryptocurrencies' acceptability and usage are rising. I'm optimistic about the crypto industry's future.
Regulated financial activity and being a legal tender, are two different things. The UK made crypto investment easier and allowed trading. But I don't think people and businesses can use it as legal tender for goods and services. So I am not very sure about the impact it is going to bring on the crypto market. But I think the UK has taken the right step towards the future because the current step surely paves the way for crypto to become a legal tender in the future. The actual positive impact on cryptos will be seen if it is considered as a legal tender which will encourage a whole new userbase to enter the crypto market.
As far as other sources go, the only regulated financial activity that the UK is recognizing is crypto trading. It's very far from recognizing cryptocurrencies as legal tender as those two things mean very different entirely. Though at the least, it lays the groundwork to a lot more positive regulations regarding cryptocurrencies that will prove beneficial to the cryptocurrency users in the UK. It will still take a while before we get more countries into accepting cryptocurrencies as legal tender, but for now this is a welcome change.
This is one assurance that crypto currency will soon become legal tender in more countries that look up to, or has been influenced by the U.k.
They will follow suit thus encouraging the adoption and use of cryptocurrency and its services.
What do you think?
https://www.fxstreet.com/cryptocurrencies/news/uk-passes-bill-to-recognize-crypto-as-regulated-financial-activity-boosts-adoption-in-europe-
They will follow suit thus encouraging the adoption and use of cryptocurrency and its services.
What do you think?
https://www.fxstreet.com/cryptocurrencies/news/uk-passes-bill-to-recognize-crypto-as-regulated-financial-activity-boosts-adoption-in-europe-
The US and the whole of Europe recognized the importance of the crypto market after the time-to-time changes in the Chinese policy related to the market, they don't want to ignore the evolving future market at least from their latest developments it's clear. We should thank China for the massive back-to-back positive changes which brought positivity to the attitude of the whole of Europe toward this market.
What do you think?
Yes, the UK government did make a good move toward cryptocurrency and I believe is their own way of following the advice provided by the IMF some days ago but for the US, there are some states that recognized crypto. Meanwhile, the major problem now is the US SEC boss and I have the feeling that they are just trying to manipulate the market to cause FUD so that the big fish like BlackRock, and Fidelity can take there share from the market.Regulation is good as long as it encourages growth & allows an asset & companies involved in it to thrive. Hopefully the UK don’t act like the US with their notorious SEC to stifle bitcoin & companies involved in it. Bitcoin is going to play a huge role in the future of finance so forward thinking, open minded governments can give themselves an advantage by being kind to bitcoin now. Hopefully the UK are going to work with us rather than against us for both theirs & our benefit.
with the number of articles online where Gensler had resigned, i think it won't be long the real news will come since there are already big names and lawyers stating his supposedly role as regulator. UK approving crypto is somehow just as Hongkong did. they may just not have approved it all but i think this is the start at least they didn't stifle innovation of payment methods.
i heard the UK government is actually considering the exchanges as betting platforms.
Their aim was probably to push the famous centralized exchanges away from the country and then launch their own exchange so that people within the country use their exchange, and they did it with a proper plan to first make the exchanges look bad and the release their own exchange so that people stop using those exchanges.
I don't know where you got this conspiracy theory from, but it is not true. The U.S. or U.K. government aren't launching a crypto exchange but they want to regulate crypto exchanges and activities, i know the government can name other reasons as to why they want to do it, but i believe it is because they want to have some form of control in an industry that has been very difficult for them to control. Regulations will help the government check activities of centralized exchanges and services, but it still wouldn't give them any chace to control BTC because there can never be a central authority over it. 
Something big is cooking among these institutions of the US and the UK. Because a long ago, the UK has stretched its restrictions on the crypto industry and they also banned most of the BTC ATMs, plus many campaigns have been running there in the past 6 to 9 months. I am observing their behavior/action against crypto from like start of 2023. And one thing I can say for sure is that, Something Big is cooking and everyone wants to share the meal here.
First, it was the USA, which changed its mood about crypto overnight, previous week they are banning exchanges, (which, I can understand why they were doing) suing them, and making them to leave the US market. Then, the next week, they came up with their exchange idea, and many companies applied for BTC EFTs, list is not small of in which ways, crypto is being adopted in the US.
And now the UK is also in the line to share the meal, Well, let's see what happens next after this regulatory news of crypto, will they also come up with their exchange, BTC ATMs, or whatever market they are trying to target to get more control on their citizens.
I don't really see how the US changed its stance on cryptocurrencies and blockchain, all they have ever wanted was not to let it be a free industry and give no control to the authorities to keep track of the users' or their financial activities, and they have been doing everything possible to make that happen, these suing of the exchanges is one of the ways they've tried and they must have been planning to launch their exchange before they did all this.First, it was the USA, which changed its mood about crypto overnight, previous week they are banning exchanges, (which, I can understand why they were doing) suing them, and making them to leave the US market. Then, the next week, they came up with their exchange idea, and many companies applied for BTC EFTs, list is not small of in which ways, crypto is being adopted in the US.
And now the UK is also in the line to share the meal, Well, let's see what happens next after this regulatory news of crypto, will they also come up with their exchange, BTC ATMs, or whatever market they are trying to target to get more control on their citizens.
Their aim was probably to push the famous centralized exchanges away from the country and then launch their own exchange so that people within the country use their exchange, and they did it with a proper plan to first make the exchanges look bad and the release their own exchange so that people stop using those exchanges.
I really do not understand what problem the US has with crypto, despite the fact that they benefit so much from the, I don't get why they are hell bent on painting it in bad light.
What the UK has done now is what the US should be doing, not the other way round.
It's because government wants to have control over it and since they can control Bitcoin, that's why they are doing that. Well, they will surely find another way to take control if not fully control then having a platform that they regulated would still bring them profits just like what the government did where they have regulated the app I am using to buy and sell crypto. What the UK has done now is what the US should be doing, not the other way round.
This is one assurance that crypto currency will soon become legal tender in more countries that look up to, or has been influenced by the U.k.
They will follow suit thus encouraging the adoption and use of cryptocurrency and its services.
What do you think?
They will follow suit thus encouraging the adoption and use of cryptocurrency and its services.
What do you think?
The news is both interesting and welcoming, and the fact that it comes from the United Kingdom gives me more confidence that global acceptance will occur sooner rather than later. The licensing of bitcoin for use as a financial service in the United Kingdom would surely increase the financial use of cryptocurrencies for transactions. I hope the regulations aren't so stringent that it becomes intolerable for the country's crypto users.
Very different set of leadership I believed. Maybe the UK government is very open on crypto as long as their are regulations surrounding it. As compare to the sitting US president and all of it's allies who think that crypto should be eliminated.
I'm not sure what the US's major justification has been for not legalizing cryptocurrency use all these years. If they are concerned about it being used for criminal conduct, which has been happening before the advent of crypto, they can follow the lead of the United Kingdom and regulate its use.
I really do not understand what problem the US has with crypto, despite the fact that they benefit so much from the, I don't get why they are hell bent on painting it in bad light.
Simple, they don't have control over it, and they believed that criminals are taking advantage of it, like drug dealers, terrorists and others lawless element. Specially privacy coins, which is their target right now. Perhaps they might even think that tax evaders are also using crypto to hide everything.
What the UK has done now is what the US should be doing, not the other way round.
Very different set of leadership I believed. Maybe the UK government is very open on crypto as long as their are regulations surrounding it. As compare to the sitting US president and all of it's allies who think that crypto should be eliminated.
That's not enough reason to be too critical about it. For the records, terrorist, , drug dealers are also using fiat to commit all sort of atrocities are they are going scotch free.
They should look for ways to see how to ensure that investors funds are secured.
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Although it's good that they will not be kicking out crypto permanently like the way US is fighting it, another thing that borders me is the regulations that they are going to be placing on its use in the country. I believe taxation will follow, and it will no longer be private for someone to send a transaction without revealing their true identity, and by doing so, it violates the purpose of Bitcoin's decentralized nature. If there are authorities assigned to monitor individuals transactions, then it's just the same as operating on a centralized system, where there is still the involvement of a third party. It's not nice, though, but I think it's better than permanently banning crypto.
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
Cheers 🥂, Dr.Bitcoin_Strange 👺👺
Come on guys. The Eton/Oxford banking elite controls Washington, Westminster and the EU. They also control over 60% of the Western world's wealth through the morphed ancient British Empire. The only crypto that will become legal tender will be the one created by the Central Banks, and the WEF has stated that they want this to be the common currency for the US, the UK and the EU. They are currently attemting to destroy the current fiat currencies to help them achieve this end.
When considering crypto, there is Bitcoin and the others. Too many people seem to attempt to use Bitcoin to give validity to the others.
When considering crypto, there is Bitcoin and the others. Too many people seem to attempt to use Bitcoin to give validity to the others.
A small step in a right direction in which they have opened their minds about regulating cryptocurrencies. Despite the bearish stuff that they are doing in the past like banning Binance by their regulator and other stuff, it seems that they had a possible change of heart by making crypto as a regulated financial activity.
This is good for me so far rather than outright banning it.
This is good for me so far rather than outright banning it.
I would prefer to ignore this news because no crypto is fit to become a countries money, it's possible that some crypto projects can turn regulated if they are centralized from scratch like how Electronuem is been used in the U.K by their citizens for means of payment, and paying bills is even possible within the app itself, but where does the main actor (BTc) stand? Since Bitcoin is decentralized I find this regulation of a thing to be impossible for Bitcoin and a few others like Bitcoin.
I think it's better for the SEC to just Approve the ETF because this is the only best move they can unleash to make this regulation stuff hopeful for all crypto space.
I think it's better for the SEC to just Approve the ETF because this is the only best move they can unleash to make this regulation stuff hopeful for all crypto space.
I think this is the news which we should not be focused on. Have you guys every wondered how every country is reacting in positive and negative ways against the crypto regulations? I mean come on, the same continent was against the crypto and was forming stricter rules or even ban on the crypto sometime back . Similar case with many other countries out there who would first go positive about it and then they again ban the crypto in forthcoming time. So I’m not surprised with what UK is doing. I think every government is little confused about how to manage the crypto and that’s what causing them go nuts about it.
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