https://cointelegraph.com/news/uk-crypto-hodlers-get-a-call-from-the-tax-grinch
"His Majesty’s Revenue and Customs (HMRC) has instructed crypto users in the United Kingdom to declare and pay their taxes on digital assets within a strict timeframe or face the consequences. HMRC guidance on how to declare and pay taxes on crypto holdings, published on Nov. 29, starts with a clear warning:
“If you do not contact us to declare your unpaid tax, you could be liable to additional interest and penalties.”"
https://www.gov.uk/guidance/tell-hmrc-about-unpaid-tax-on-cryptoassets
Guidance
"Tell HMRC about unpaid tax on cryptoassets
Make a voluntary disclosure of any unpaid tax if you have income or gains from cryptoassets, including exchange tokens, NFT’s and utility tokens."
Topic: UK House of Lords passes bill to seize stolen crypto (Read 213 times)
How to buy Bitcoin and Ethereum in the UK
https://cointelegraph.com/news/how-to-buy-bitcoin-and-ethereum-in-the-uk
"Crypto exchange-traded funds (ETFs): An alternative to directly holding Bitcoin and Ether
Exchange-traded funds (ETFs) provide diversified exposure to multiple holdings within a single investment, including cryptocurrencies like Bitcoin and Ether. Investment trusts pool investors’ funds through the sale of a set number of shares, which may have some initial trust-related challenges upon launch. This structure provides instant diversification and reduces risk compared to picking individual investments.
Investors can now access multiple cryptocurrencies simultaneously through various firms. ETF providers such as Purpose Investments and VanEck offer opportunities for investors to engage in the crypto market."
Are they spot or futures ETFs?
https://cointelegraph.com/news/how-to-buy-bitcoin-and-ethereum-in-the-uk
"Crypto exchange-traded funds (ETFs): An alternative to directly holding Bitcoin and Ether
Exchange-traded funds (ETFs) provide diversified exposure to multiple holdings within a single investment, including cryptocurrencies like Bitcoin and Ether. Investment trusts pool investors’ funds through the sale of a set number of shares, which may have some initial trust-related challenges upon launch. This structure provides instant diversification and reduces risk compared to picking individual investments.
Investors can now access multiple cryptocurrencies simultaneously through various firms. ETF providers such as Purpose Investments and VanEck offer opportunities for investors to engage in the crypto market."
Are they spot or futures ETFs?
It's a great law and I honestly don't see much downside to it! It was concerning that such laws didn't exist till date but it's good that government are waking up and considering cryptos as a valuable asset so much so that they are bringing in a law to tackle the frauds. It's a positive development most definitely.
Scammers should be penalized at all costs. The governments must set some examples of it. I believe with this law, such things will happen and the stolen cryptos will be recovered to be refunded to the rightful owners. UK is leading the way! We must appreciate such effort.
I agree with you that this is a good step and it can be said that it brings crypto to the mainstream. But I do not think that one of the priorities of this decision will be to help users recover their money, especially since we do not know which users might be included and how the concerned authorities will do that. I believe that these are double-edged laws, since these laws will help the authorities impose more tracking measures against users.Scammers should be penalized at all costs. The governments must set some examples of it. I believe with this law, such things will happen and the stolen cryptos will be recovered to be refunded to the rightful owners. UK is leading the way! We must appreciate such effort.
The American example is different from the British example because America had previously similar experiences and everyone was not completely satisfied with what happened.
Let's not use CEXs. Who are these users?
https://twitter.com/ArkhamIntel/status/1705254948324233270
"Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence - about as much as Satoshi Nakamoto."
1 million Bitcoin out of users' pockets, of course.https://twitter.com/ArkhamIntel/status/1705254948324233270
"Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence - about as much as Satoshi Nakamoto."
I found this chart about Coinbase users where Coinbase had 108 million users in 2022, up from 56 million people in 2021. This equates to 92.8% year-over-year growth.
https://www.finder.com/coinbase-statistics
Therefore, I see that all calls to stop using CEXs do not find any listening ears. The number of users doubles every year despite all these successive incidents.
Let's not use CEXs. Who are these users?
https://twitter.com/ArkhamIntel/status/1705254948324233270
"Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence - about as much as Satoshi Nakamoto."
https://twitter.com/ArkhamIntel/status/1705254948324233270
"Arkham has now identified $25B of Coinbase Bitcoin reserves (~1M BTC) on chain.
This makes Coinbase the largest Bitcoin entity in the world on Arkham, with almost 5% of all BTC in existence - about as much as Satoshi Nakamoto."
In the beginning, the laws are in favor of the public, but they quickly turn around to be the opposite, but I do not see how these currencies will be confiscated? I can understand some stablecoins and centralized tokens being asked to freeze coins (and they do) but it's very difficult with Bitcoin and Ethereum, and will that mean all users have to use CEXs as crypto wallet (any casual wallet) or what?
It is fine you have understood where they are driving to. The mission is to force everyone to the centralized system (CEXs), where everyone would be able to complete KYC, be effectively monitored and tasked. There will be a law prohibiting the use and existence of DEXs in order to complement the Is UK house of Lords the highest law making body in the UK?
At the end of the day, I don't see how it can improve user's ability to recover their stolen funds from criminal activity. I can see why though, probably because the government doesn't want people to scam them too. But yeah, the best thing to do is be careful and prevent yourself from using scammy services or falling for a scam easily.
It would be more correct to say, “Prevent yourself from using central services.”Because the problem is not in the use of fraudulent services, the problem is in the use of central services in the first place. There are many central platforms that are legally licensed, but they were hacked and people’s money was stolen. Recently, the CoinEx platform was hacked and more than $70 million was stolen, and yesterday the HTX exchange was hacked and $8 million was stolen as well.
How will the new law protect these people who have been robbed? The hacker will resort to Non-KYC DEXs or the deep web to dispose of the stolen coins, and even if the police are able to pursue him and confiscate the money, investigations will begin into the sources of the users’ funds and most likely they will be confiscated.
Therefore, in my opinion, this law is impractical on the ground and will not benefit users, but of course it will be useful to the government.
I believe with this law, such things will happen and the stolen cryptos will be recovered to be refunded to the rightful owners. UK is leading the way! We must appreciate such effort.
In an ideal world that can be the case, but from how describe the law I don't think this is the thing that most people want. On the other hand, a clear law can also help people judge whether a law enforcement process is being abused or not, although I doubt this applies to the new law since there is no tool to monitor the process easily. At the end of the day, I don't see how it can improve user's ability to recover their stolen funds from criminal activity. I can see why though, probably because the government doesn't want people to scam them too. But yeah, the best thing to do is be careful and prevent yourself from using scammy services or falling for a scam easily.
It's a great law and I honestly don't see much downside to it! It was concerning that such laws didn't exist till date but it's good that government are waking up and considering cryptos as a valuable asset so much so that they are bringing in a law to tackle the frauds. It's a positive development most definitely.
Scammers should be penalized at all costs. The governments must set some examples of it. I believe with this law, such things will happen and the stolen cryptos will be recovered to be refunded to the rightful owners. UK is leading the way! We must appreciate such effort.
Have you read this law? Which articles do you like best?Scammers should be penalized at all costs. The governments must set some examples of it. I believe with this law, such things will happen and the stolen cryptos will be recovered to be refunded to the rightful owners. UK is leading the way! We must appreciate such effort.
I have no interests in the UK, so I read:
Factsheet: Economic Crime and Corporate Transparency Bill overarching
https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-economic-crime-and-corporate-transparency-bill-overarching
Make it stricter, create a register, give more confiscation powers, etc.. and all this will work primarily against British citizens. But this does not threaten criminals; they will exchange the stolen money on the darknet, and then legalize it in other countries.
It's a great law and I honestly don't see much downside to it! It was concerning that such laws didn't exist till date but it's good that government are waking up and considering cryptos as a valuable asset so much so that they are bringing in a law to tackle the frauds. It's a positive development most definitely.
Scammers should be penalized at all costs. The governments must set some examples of it. I believe with this law, such things will happen and the stolen cryptos will be recovered to be refunded to the rightful owners. UK is leading the way! We must appreciate such effort.
Scammers should be penalized at all costs. The governments must set some examples of it. I believe with this law, such things will happen and the stolen cryptos will be recovered to be refunded to the rightful owners. UK is leading the way! We must appreciate such effort.
I don't know the details of this and older laws, but I'd be surprised if they couldn't already seize funds coming from crimes. So it's just a clarification, and nothing big, right?
I was reading the thread and all the time I was wondering the same thing until I read your answer. I am surprised they have to process and pass a law now for this.
It's like if they process a law to be able to seize gold or money in online accounts, or paypal balances.
Criminals are not idiots either, and they don’t send their money to crypto exchanges. Criminals exchange stolen money from intermediaries for fiat or other pure cryptocurrencies.
But when persecution of large crypto exchanges begins in a large country, we find out that Binance is a sponsor of global terrorism and cryptocurrency laundering
Laws define work algorithms for all registered market participants and their responsibility for violating any legal requirements.
This means that the commission for laundering stolen cryptocurrencies will increase, and honest users will also face many additional difficulties.
But when persecution of large crypto exchanges begins in a large country, we find out that Binance is a sponsor of global terrorism and cryptocurrency laundering
Laws define work algorithms for all registered market participants and their responsibility for violating any legal requirements.
This means that the commission for laundering stolen cryptocurrencies will increase, and honest users will also face many additional difficulties.
I don't quite understand how this is supposed to answer LoyceMobile's question, which is the same question I have.
To clear your doubts, read this:
https://www.msn.com/en-us/money/other/only-3-of-bittrex-customers-claimed-their-assets-in-bankruptcy/ar-AA1gMozx
"Why it matters: Distinct for its high number of low-balance accounts, the case serves to highlight that being a claimant in a crypto bankruptcy requires a good amount of effort and personal data — and for many, the reward may not justify the price."
https://www.msn.com/en-us/money/companies/surprisingly-few-us-customers-want-their-bittrex-money-back/ar-AA1gFE9P
"Bittrex, which filed for bankruptcy in May, could be left in profit as customers aren’t claiming their money"
I never doubt what you say, I'm just surprised that this happens in an advanced civilized country like the United States.https://www.msn.com/en-us/money/other/only-3-of-bittrex-customers-claimed-their-assets-in-bankruptcy/ar-AA1gMozx
"Why it matters: Distinct for its high number of low-balance accounts, the case serves to highlight that being a claimant in a crypto bankruptcy requires a good amount of effort and personal data — and for many, the reward may not justify the price."
https://www.msn.com/en-us/money/companies/surprisingly-few-us-customers-want-their-bittrex-money-back/ar-AA1gFE9P
"Bittrex, which filed for bankruptcy in May, could be left in profit as customers aren’t claiming their money"
According to the link you mentioned:
Quote
just under 36,000 customers have withdrawn around $143 million worth of crypto, the company’s lawyer Patty Tomasco told a Delaware courtroom Wednesday.
That’s just a fraction of the 1.6 million customers who were sent emails asking them to withdraw after the bankruptcy
Frankly, I was surprised by the information because I thought this only happened in poor countries and third world countries, and I did not imagine it even happening in the United States. That’s just a fraction of the 1.6 million customers who were sent emails asking them to withdraw after the bankruptcy
I don't know the details of this and older laws, but I'd be surprised if they couldn't already seize funds coming from crimes. So it's just a clarification, and nothing big, right?
Criminals are not idiots either, and they don’t send their money to crypto exchanges. Criminals exchange stolen money from intermediaries for fiat or other pure cryptocurrencies.But when persecution of large crypto exchanges begins in a large country, we find out that Binance is a sponsor of global terrorism and cryptocurrency laundering
Laws define work algorithms for all registered market participants and their responsibility for violating any legal requirements.
This means that the commission for laundering stolen cryptocurrencies will increase, and honest users will also face many additional difficulties.
I don't know the details of this and older laws, but I'd be surprised if they couldn't already seize funds coming from crimes. So it's just a clarification, and nothing big, right?
I have seen information from Americans that they do not take money from bankrupt exchanges because they do not want to fill out a lot of forms and go through checks with government agencies.
I thought that bureaucracy only existed in our country and that it did not exist in developed countries!!! 
But I think they only intend that in Crypto.https://www.msn.com/en-us/money/other/only-3-of-bittrex-customers-claimed-their-assets-in-bankruptcy/ar-AA1gMozx
"Why it matters: Distinct for its high number of low-balance accounts, the case serves to highlight that being a claimant in a crypto bankruptcy requires a good amount of effort and personal data — and for many, the reward may not justify the price."
https://www.msn.com/en-us/money/companies/surprisingly-few-us-customers-want-their-bittrex-money-back/ar-AA1gFE9P
"Bittrex, which filed for bankruptcy in May, could be left in profit as customers aren’t claiming their money"
I have seen information from Americans that they do not take money from bankrupt exchanges because they do not want to fill out a lot of forms and go through checks with government agencies.
I thought that bureaucracy only existed in our country and that it did not exist in developed countries!!! But I think they only intend that in Crypto. and will that mean all users have to use CEXs as crypto wallet (any casual wallet) or what?
Maybe they will think about issuing such a law later, i.e. forcing all citizens to use CEXs and pass the KYC, but they will also fail because it is impossible to track all citizens to know whether they have a dishonest wallet or not.Something tells me that it all goes to a dystopian end which is no different from Chinese CBDC. Any transactions moving out from a private BTC wallet will be traced and if it goes to a centralized platform, that's when it gets seized for questioning.
This is the worst scenario that I fear will happen, they will take complete control of the central exchanges and confiscate any anonymous transaction under the pretext that it may be stolen money. There can't be wrong in making crypto companies and users comply with transparency or anti-money laundering and counter-terrorism. Surely this is a good thing.
The only thing that made me feel good about what FCA director Pritchard said was that crypto goes from niche to mainstream.
Something tells me that it all goes to a dystopian end which is no different from Chinese CBDC. Any transactions moving out from a private BTC wallet will be traced and if it goes to a centralized platform, that's when it gets seized for questioning.
In the beginning, the laws are in favor of the public, but they quickly turn around to be the opposite, but I do not see how these currencies will be confiscated? I can understand some stablecoins and centralized tokens being asked to freeze coins (and they do) but it's very difficult with Bitcoin and Ethereum, and will that mean all users have to use CEXs as crypto wallet (any casual wallet) or what?
All these laws are developed only to strengthen control over citizens.
I have not seen information that such laws helped return stolen funds to an ordinary citizen, and usually work in the interests of large companies. To get something back, an ordinary citizen needs to go through a lot of complicated procedures, which are sometimes more expensive than the value of the stolen coins.
I have seen information from Americans that they do not take money from bankrupt exchanges because they do not want to fill out a lot of forms and go through checks with government agencies.
I have not seen information that such laws helped return stolen funds to an ordinary citizen, and usually work in the interests of large companies. To get something back, an ordinary citizen needs to go through a lot of complicated procedures, which are sometimes more expensive than the value of the stolen coins.
I have seen information from Americans that they do not take money from bankrupt exchanges because they do not want to fill out a lot of forms and go through checks with government agencies.
Quote
During the bill’s review phase, the House of Lords agreed on certain amendments to clarify its intent of targeting monetary proceeds from fraud or other financial crimes.
A bill that aims to expand the ability of authorities in the United Kindom to target illicit cryptocurrency usage has been pushed to the final stages for approval by the House of Lords.
The Economic Crime and Corporate Transparency Bill was introduced in September 2022 and primarily aims to tackle crypto-related financial crimes. Over the past year, the bill went from the House of Commons to the House of Lords and is now in the final stages of approval.
During the review, the House of Lords agreed on certain amendments to clarify its intent of targeting monetary proceeds from fraud or other financial crimes. In addition, the bill also aims to set provisions for corporate transparency and overseas business registrations.
At the final stage, the House of Commons will either decide to accept the proposed amendments or recommend changes to the bill. Following the approval, the bill will be signed into law through royal assent, a method by which a monarch formally approves an act of the legislature.
Source: https://cointelegraph.com/news/house-of-lords-crypto-bill-ukA bill that aims to expand the ability of authorities in the United Kindom to target illicit cryptocurrency usage has been pushed to the final stages for approval by the House of Lords.
The Economic Crime and Corporate Transparency Bill was introduced in September 2022 and primarily aims to tackle crypto-related financial crimes. Over the past year, the bill went from the House of Commons to the House of Lords and is now in the final stages of approval.
During the review, the House of Lords agreed on certain amendments to clarify its intent of targeting monetary proceeds from fraud or other financial crimes. In addition, the bill also aims to set provisions for corporate transparency and overseas business registrations.
At the final stage, the House of Commons will either decide to accept the proposed amendments or recommend changes to the bill. Following the approval, the bill will be signed into law through royal assent, a method by which a monarch formally approves an act of the legislature.
This is an image showing the progress of the draft economic crime and corporate transparency law.
Source: bills.parliament.uk
Let's discuss the potential negatives and positives of this law:
On the positive side, the law targeting stolen cryptocurrencies will help track cryptocurrencies stolen from central exchanges and return them to their owners. As we hear now, the value of the amounts stolen from CoinEX has reached more than $70 million. Such a law will be very useful in such cases.
As for the negative aspects, I fear that the law will be abused to impose more stringent measures and violate users’ privacy.
what do you think?
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