UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law

zasad@

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Quote from: Fiatless on July 07, 2023, 01:45:38 PM

Quote from: zasad@ on July 06, 2023, 10:26:02 AM

This is old news, but after the adoption of the law, you will need to declare your cryptocurrency.
And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

This doesn't sound nice at all. This is an absolute invasion of privacy. Criminalizing nondisclosure of crypto assets is draconian. Only politicians are required to declare their financial standings in my country. But it will be difficult to enforce this law because it will be difficult to track crypto users that use decentralized platforms.

Decentralized platforms have disadvantages and not all traders are suitable for these services. There will also be regulation of decentralized services, don't worry.
There will be white lists with addresses that have passed the KYC procedure. Uniswap, 1 inch and other large services will submit to regulators, and services without KYC with weak liquidity will remain on the market

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Quote from: crwth on July 06, 2023, 09:16:48 PM

I'm elated to see that there are things that would help improve the cryptocurrency laws and regulations, it's better to have that to prevent possible cruel things to happen to different investors especially the individuals.

There's always going to be downsides to something but I think it's better to have these rules being passed than none. It's just really hard to balance.

After the unexpected disastrous end of Sam Bankman-Fried's FTX, I think there is a need to supervise these exchanges. Most of the owners of these crypto-related businesses run them as their private businesses without considering that they are people's money. People that use these exchanges should enjoy some level of security from the government. If possible these exchanges should be charged to deposit lump sums with regulators which will serve as guarantees for customers' funds. This will enable customers to get their funds back in case of any financial problems.

Quote from: zasad@ on July 06, 2023, 10:26:02 AM

This is old news, but after the adoption of the law, you will need to declare your cryptocurrency.
And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

This doesn't sound nice at all. This is an absolute invasion of privacy. Criminalizing nondisclosure of crypto assets is draconian. Only politicians are required to declare their financial standings in my country. But it will be difficult to enforce this law because it will be difficult to track crypto users that use decentralized platforms.

DaCryptoRaccoon

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Some interesting documents

https://researchbriefings.files.parliament.uk/documents/CBP-8780/CBP-8780.pdf

Financial Services and Markets Bill

https://bills.parliament.uk/publications/51900/documents/3703

zasad@

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Quote from: bbc.reporter on July 06, 2023, 08:41:25 PM

Quote from: zasad@ on July 06, 2023, 10:26:02 AM

Quote from: Baofeng on July 05, 2023, 12:44:54 PM

Quote from: Yamane_Keto on July 05, 2023, 09:59:39 AM

you can read it here https://www.gov.uk/government/news/rocket-boost-for-uk-economy-as-financial-services-and-markets-bill-receives-royal-assent
There is one paragraph related to cryptocurrency and it says:

Quote

enables the regulation of cryptoassets to support their safe adoption in the UK

Therefore, the regulatory plans to accept it safely on the citizens, which means that more legal tightening will be present.

Of course, if it came from government, then regulations are legal tightening will be present. And sometimes we really have to ask questions whether they are really doing it for crypto enthusiast, or there are things that we really need to understand from behind that this passing of the law could really just be a front to watch everyone.

https://technext24.com/2023/03/15/uk-set-to-tax-crypto-gains/
This is old news, but after the adoption of the law, you will need to declare your cryptocurrency.
And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

Every law created is giving more power to our owners to control us and what we do.

It is not in all countries. Recently a crypto user from Lithuania told me that he was paying cryptocurrency tax as income tax. He was recommended to do so by the tax inspector after exchanging for fiat. He printed out the transaction history from the crypto exchange.

A lot of people don't understand why Europe and the UK have adopted these laws.
The MICA law regulates only stablecoins and utility tokens, as well as the activities of exchanges and exchange services.
DEXes, NFTs, Security tokens are not regulated by this law,
but MICA says a lot about stablecoins and restrictions, because governments are afraid of their impact on their economy. I haven't studied UK law, but I'm sure it's the same there.

yhiaali3

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It is not possible to judge whether these new laws are good or bad except after practical application on the ground, because the devil resides in the details, as they say.

Regulatory laws for cryptocurrencies, unfortunately, in most countries tend to tighten and impose more restrictions and taxes. Personally, I do not think that these laws will be in the interest of users, but rather will most likely be in order to impose more restrictions and control by governments.

But in any case, it can be seen from one positive angle that through these laws, bitcoin and cryptocurrencies are recognized little by little, albeit indirectly.

bbc.reporter

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Quote from: crwth on July 06, 2023, 09:16:48 PM

I'm elated to see that there are things that would help improve the cryptocurrency laws and regulations, it's better to have that to prevent possible cruel things to happen to different investors especially the individuals.

There's always going to be downsides to something but I think it's better to have these rules being passed than none. It's just really hard to balance.

I would agree if I trusted our rulers to do what is right for the people, however, many people in the government and I would dare say much of them are corrupted. This is not because they are bad people, but because the system forces them to be corrupt. This is necessary for them to move forward with their careers, this is necessary for survival against other corrupt politicians. This is reality.

It is very much similar to the saying if you can't beat them, join them.

crwth

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I'm elated to see that there are things that would help improve the cryptocurrency laws and regulations, it's better to have that to prevent possible cruel things to happen to different investors especially the individuals.

There's always going to be downsides to something but I think it's better to have these rules being passed than none. It's just really hard to balance.

bbc.reporter

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Quote from: Baofeng on July 05, 2023, 12:44:54 PM

Quote from: Yamane_Keto on July 05, 2023, 09:59:39 AM

Quote from: bbc.reporter on June 29, 2023, 10:18:18 PM

Thank you for signing it into law King Charles.

Why did you add a picture of King Charles, the step he took purely procedurally to make the bill into law, which is the last step in the drafting of laws, and he had no role in the law or was written at his behest. According to the statement, the law “gives us control of our financial services rulebook,” and it includes many regulations, some of which are specific to cryptocurrencies, and is not a separate law.

Lol, I guess you really don't know the OP yet, he is known posting pictures like that, for sarcasm, Grin

Hehehehe! I want to make my threads funny and entertaining for the readers. The purpose of the picture was to make everyone think that King Charles said look the law was signed through these hands. However, look at those hands. They are strange looking. There are memes on the internet that replace them with sausages hehe.

Quote from: zasad@ on July 06, 2023, 10:26:02 AM

Quote from: Baofeng on July 05, 2023, 12:44:54 PM

Quote from: Yamane_Keto on July 05, 2023, 09:59:39 AM

you can read it here https://www.gov.uk/government/news/rocket-boost-for-uk-economy-as-financial-services-and-markets-bill-receives-royal-assent
There is one paragraph related to cryptocurrency and it says:

Quote

enables the regulation of cryptoassets to support their safe adoption in the UK

Therefore, the regulatory plans to accept it safely on the citizens, which means that more legal tightening will be present.

Of course, if it came from government, then regulations are legal tightening will be present. And sometimes we really have to ask questions whether they are really doing it for crypto enthusiast, or there are things that we really need to understand from behind that this passing of the law could really just be a front to watch everyone.

https://technext24.com/2023/03/15/uk-set-to-tax-crypto-gains/
This is old news, but after the adoption of the law, you will need to declare your cryptocurrency.
And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

Every law created is giving more power to our owners to control us and what we do.

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Quote from: electronicash on July 06, 2023, 12:16:54 PM

Quote from: Gozie51 on July 06, 2023, 11:20:09 AM

Quote from: zasad@ on July 06, 2023, 10:26:02 AM

And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

I think this is looking like assets declaration in cryptocurrency. The UK government is taking the stronger step to sanitize the crypto market in the wake of MICA law. All the regulations are giving the signals for those who want to benefit from cryptocurrency illegally. The crypto tax regime is taking off from UK and this affects the illicit activities, exchange scam etc

sounded more destructive than not having regulation of crypto at all. and they can track all the users especially because they also are coordinating with the exchanges, they will have access to the exchange databases. depending on how much you kept i guess but if they wanted to make you a criminal, they can easily accuse you with the smallest crypto you hid.

Sure we all know where this whole thing is tilting towards and that is purely going down to regulation. It will be easy to track crypto community users with exchanges that operate in any country that want to regulate the crypto space and I believe the EU or UK is not the only country that will go that direction. The means to know the number of people in the space is mandatory KYC, so is either you are hodling your coin through your wallet or you subject yourself to KYC if you want to trade.Tax collection is another purpose for regulation.

electronicash

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Quote from: Gozie51 on July 06, 2023, 11:20:09 AM

Quote from: zasad@ on July 06, 2023, 10:26:02 AM

And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

I think this is looking like assets declaration in cryptocurrency. The UK government is taking the stronger step to sanitize the crypto market in the wake of MICA law. All the regulations are giving the signals for those who want to benefit from cryptocurrency illegally. The crypto tax regime is taking off from UK and this affects the illicit activities, exchange scam etc

sounded more destructive than not having regulation of crypto at all. and they can track all the users especially because they also are coordinating with the exchanges, they will have access to the exchange databases. depending on how much you kept i guess but if they wanted to make you a criminal, they can easily accuse you with the smallest crypto you hid.

Gozie51

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Quote from: zasad@ on July 06, 2023, 10:26:02 AM

And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

I think this is looking like assets declaration in cryptocurrency. The UK government is taking the stronger step to sanitize the crypto market in the wake of MICA law. All the regulations are giving the signals for those who want to benefit from cryptocurrency illegally. The crypto tax regime is taking off from UK and this affects the illicit activities, exchange scam etc

zasad@

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Quote from: Baofeng on July 05, 2023, 12:44:54 PM

Quote from: Yamane_Keto on July 05, 2023, 09:59:39 AM

you can read it here https://www.gov.uk/government/news/rocket-boost-for-uk-economy-as-financial-services-and-markets-bill-receives-royal-assent
There is one paragraph related to cryptocurrency and it says:

Quote

enables the regulation of cryptoassets to support their safe adoption in the UK

Therefore, the regulatory plans to accept it safely on the citizens, which means that more legal tightening will be present.

Of course, if it came from government, then regulations are legal tightening will be present. And sometimes we really have to ask questions whether they are really doing it for crypto enthusiast, or there are things that we really need to understand from behind that this passing of the law could really just be a front to watch everyone.

https://technext24.com/2023/03/15/uk-set-to-tax-crypto-gains/
This is old news, but after the adoption of the law, you will need to declare your cryptocurrency.
And those citizens who do not fill out declarations after that will be considered criminals and their cryptocurrencies can be seized by court order. Most crypto enthusiasts will not be happy with such legal regulations.

Baofeng

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Quote from: Yamane_Keto on July 05, 2023, 09:59:39 AM

Quote from: bbc.reporter on June 29, 2023, 10:18:18 PM

Thank you for signing it into law King Charles.

Why did you add a picture of King Charles, the step he took purely procedurally to make the bill into law, which is the last step in the drafting of laws, and he had no role in the law or was written at his behest. According to the statement, the law “gives us control of our financial services rulebook,” and it includes many regulations, some of which are specific to cryptocurrencies, and is not a separate law.

Lol, I guess you really don't know the OP yet, he is known posting pictures like that, for sarcasm, Grin

Quote from: Yamane_Keto on July 05, 2023, 09:59:39 AM

you can read it here https://www.gov.uk/government/news/rocket-boost-for-uk-economy-as-financial-services-and-markets-bill-receives-royal-assent
There is one paragraph related to cryptocurrency and it says:

Quote

enables the regulation of cryptoassets to support their safe adoption in the UK

Therefore, the regulatory plans to accept it safely on the citizens, which means that more legal tightening will be present.

Of course, if it came from government, then regulations are legal tightening will be present. And sometimes we really have to ask questions whether they are really doing it for crypto enthusiast, or there are things that we really need to understand from behind that this passing of the law could really just be a front to watch everyone.

Yamane_Keto

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Quote from: bbc.reporter on June 29, 2023, 10:18:18 PM

Thank you for signing it into law King Charles.

Why did you add a picture of King Charles, the step he took purely procedurally to make the bill into law, which is the last step in the drafting of laws, and he had no role in the law or was written at his behest. According to the statement, the law “gives us control of our financial services rulebook,” and it includes many regulations, some of which are specific to cryptocurrencies, and is not a separate law.

you can read it here https://www.gov.uk/government/news/rocket-boost-for-uk-economy-as-financial-services-and-markets-bill-receives-royal-assent
There is one paragraph related to cryptocurrency and it says:

Quote

enables the regulation of cryptoassets to support their safe adoption in the UK

Therefore, the regulatory plans to accept it safely on the citizens, which means that more legal tightening will be present.

zasad@

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The UK, as a major global financial center, cannot develop in the opposite direction with the financial institutions of the European Union, which made cryptocurrencies legal. This means that cryptocurrencies can still show new ATH on exchanges, because they are not abandoned. But this may happen later.

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Wasn't the UK the country whose central bank issued several press releases telling citizens and politicians that crypto was a risk?
Often blaming Bitcoin, sometimes banning transfers to crypto exchanges, banning BATM, and so on....

Have you read correctly about the fact it gives regulators 'more power over the financial system'.
The financial system... the thing we're shouting after...

and since it's not enough, now they are adding that it will concern crypto. Yes, everything in the same bag, and more control on it. Just to make sure we keep them in chains for a long time.

Don't be too hasty and say yahoo! more controls, more laws, crypto is legal.

Look at the long term. In any case, history shows us that this does not do bitcoin any good. The only ones happy are... the companies...

RIP the Queen...

avikz

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It's very early to understand whether it will be good or bad. Friendly regulations are alway welcome but the implementation of such regulations needs to be supervised properly.

If the UK regulation paves way for the brick and mortar stores to accept cryptocurrency without any banking related issue, then I believe crypto will gain user in the process. But a lot of see for the future. Let's wait and watch!

zasad@

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The UK does not have the lowest taxes on cryptocurrencies and doing business, although capital gains tax is only 10%. Most likely, the UK law will be similar in essence to the MICA Law, so that it is convenient to work with other European countries if they want to become a financial crypto center.

https://koinly.io/guides/hmrc-cryptocurrency-tax-guide/
"How much tax do you pay on crypto in the UK?
For capital gains from crypto over the £12,300 tax-free allowance, you'll pay 10% or 20% tax. For additional income from crypto over the personal allowance, you'll pay between 20% to 45% in tax. The exact amount you'll pay will depend on the transaction you've made, the tax that applies, and the Income Tax band you fall into."

How can the crypto industry be developed with such taxes?

Poker Player

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Without knowing the details of the bill, in principle I see it as positive too, although I suppose that the bitcoin purists will not like more regulation and state control on the subject.

As far as shitcoins are concerned, I believe that such control is necessary, and whoever wants to escape state control with bitcoin has the means to do so.

bbc.reporter

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We cannot be quite certain if these are good or bad laws, however, this will create a much better cryptospace environment in the UK because the developers and their projects can work under clear guidelines on what can and cannot do. This should also be happening in America.

Thank you for signing it into law King Charles.

A U.K. bill giving regulators the power to supervise crypto and stablecoins was approved by King Charles Thursday, marking the last formal stage that makes the bill law.

Read in full https://www.coindesk.com/policy/2023/06/29/uk-crypto-stablecoin-rules-receive-royal-assent-passing-into-law/

Topic: UK Crypto, Stablecoin Rules Receive Royal Assent, Passing Into Law (Read 198 times)