Tag: United Kingdom

LinksDAO and Spey Bay Golf Club

by Blockchain News

LinksDAO, a golf business run by a decentralized autonomous organization, is considering making a bid to buy the recently placed up for sale Spey Bay Golf Club in Scotland, which is estimated to be worth approximately $900,000.

After a few weeks of informal discussion, the proposal vote was officially opened on February 20 by LinksDAO, which describes itself as a “global group of golf enthusiasts” with the goal of building the “world’s greatest golf community.” This event followed the official opening of the vote on February 20.

It would be the very first time that the DAO has ever purchased a golf course.

At the time this article was written, more than 88 percent of the 4,100 LinksDAO tokenholders had already voted in support of the proposal. The voting period will officially end on February 22 at 12:00 p.m. Eastern Time.

The proposal stated that the LinksDAO acquisition committee will meet with the relevant parties required to construct a “compelling offer” for the purchase of the club “with the full intent of successfully purchasing the golf course” in the event that the final tally remains in favor of the purchase.

The authors of the proposal, who identified themselves as “Bez,” “Jim,” “cbruce,” and “nickwalkermsu,” explained that even though the majority of the DAO’s research efforts have been focused on locating an appropriate golf course purchase in the United States, “this listing was too special to ignore.”

“During the course of our hunt for a golf course to buy, we came across a potentially advantageous piece of real estate in Scotland known as the Spey Bay Golf Club. The purpose of this vote is to decide whether or not we should proceed with making an offer and working toward purchasing the course.

The writers also said that the course is “playable now,” and they mentioned that the course’s high ceiling in comparison to its inexpensive price makes it a worthwhile investment.

According to the authors’ explanation, “even a price that is quadruple the ‘recommended price’ would be lower than most subpar courses we have reviewed so far in the United States.” 

Source

Tagged : / / / / / / / / / / /

The United Kingdom Tax Reform Council Launches Campaign Against Bank of England

by Blockchain News

The United Kingdom Tax Reform Council has begun a campaign in opposition to the idea of the Bank of England to develop a digital currency that is controlled by the central bank (CBDC). The charitable organization issues a warning that such a step might pose a significant threat to the privacy of individuals and result in modifications to the taxation system that are too invasive.

On the advisory board of the recently established Tax Reform Council is monetary economist John Chown, who was also instrumental in the establishment of the Institute for Fiscal Studies. The Tax Reform Council is of the opinion that the implementation of a CBDC would result in an increase in the level of government monitoring, a larger level of intrusion by tax officials, and an increased danger of cyberattacks on the monetary system of the country.

The think tank is concerned about the same things as the Bitcoin (BTC) community in the United Kingdom, which has been quite outspoken about its opposition to CBDCs.

The co-founder of the Bitcoin Collective in the United Kingdom, Jordan Walker, said that “the deployment of CBDCs in the United Kingdom is risky on a number of fronts.” If we did this, the government and the central bank would have a greater degree of influence over our monetary system.

“This binds the monetary system even closer to the political system, which is a system that has produced big issues in the past and that continues to bring considerable problems in the present. Instead, we need to make it our goal to keep money and politics completely distinct.

“the choice of the Bank of England to pursue a British CBDC poses a number of very significant issues,” as noted by the advisory board economists, who include Patrick Minford, Julian Jessop, and Chown. The goal of the organization is to educate people about the potential for “greater government monitoring” offered by CBDCs.

CBDCs make the claim that they can improve financial inclusion, lower costs for both firms and consumers, and boost consumer and employee safety. Bitcoin, on the other hand, already provides these benefits and many more: By passing the Bitcoin legislation, El Salvador was able to bank large portions of its population, and Bitcoin also gives a path to freedom for those who are now living in oppressive regimes.

Both the Treasury and the Bank of England in the United Kingdom have been conducting recruitment for CBDC posts. In spite of opposition from the wider crypto community, the Bank of England has emphasized the “need” to develop a digital counterpart of the British pound.

According to the Tax Reform Council, every personal transaction carried out with the use of a CBDC would be logged on the private blockchain ledger maintained by the Bank of England. This would provide the tax collector with unparalleled access to the individuals’ financial histories. According to the press release, this is something that has already begun to occur in China with the renminbi CBDC.

Walker raised the alarm, stating, “I believe we are closer to the rollout than many realize, and until we have more education around this issue, we’ll see many individuals in this nation become dragged into this computerized monetary tyranny without ever realizing it.”

Source

Tagged : / / / / /

The United Kingdom’s Financial Conduct Authority is cracking down on unregistered cryptocurrency

by Blockchain News

The Financial Conduct Authority (FCA), which is in charge of regulating the financial sector in the United Kingdom, is planning to go after unregistered bitcoin automated teller machines (ATMs).

The Financial Conduct Authority (FCA) and the cyber unit of the West Yorkshire Police have taken action against a number of locations in and around the city of Leeds that are suspected of hosting illegally operating cryptocurrency ATMs.

When the news was announced on February 14, the Financial Conduct Authority (FCA) noted that there are no crypto ATM operators in the United Kingdom currency who are registered with the FCA. All cryptocurrency exchange providers, including operators of cryptocurrency ATMs, are required to be registered with the Financial Conduct Authority (FCA) and adhere to the money laundering legislation of the United Kingdom, according to the authority.

Mark Steward, executive director of enforcement for the FCA, was quoted as saying that unregistered cryptocurrency ATMs that operate in the United Kingdom are engaging in illegal activity. Steward also stated that the FCA will continue to disrupt unregistered cryptocurrency businesses in the country. The executive said that crypto goods are “currently unregulated and high-risk,” advising clients to be ready to lose all of their money if they invest in cryptocurrency.

According to the statements of police detective sergeant Lindsey Brants, local enforcement officials have sent multiple warning letters to operators of cryptocurrency ATMs, urging that they stop utilizing the machines immediately. He continued by saying that any violation of the restrictions will result in an inquiry under the money-laundering regulations.

According to the findings of Coin ATM Radar, there are at least 28 different sites in the United Kingdom that provide Bitcoin (BTC) ATMs. This means that the action that the FCA plans to take against cryptocurrency ATMs is likely to have a significant impact on the number of ATM operators. According to the statistics, more than half of these cryptocurrency ATM locations can be found in the city of London, with additional sites close to the cities of Birmingham, Manchester, and Nottingham.

This is not the first time that the Financial Conduct Authority has taken action against cryptocurrency ATMs in the United Kingdom. The same body published a similar declaration on the termination of Bitcoin ATMs in the country in March 2022, calling on ATM operators to “close down or face further action.” The announcement related to the discontinuation of Bitcoin ATMs in the country.

At the time of this writing, the Financial Conduct Authority (FCA) in the United Kingdom has granted registration to a total of 41 cryptocurrency businesses. These organizations include platforms like as Gemini, Zodia Custody, Bitpanda, and Revolut, amongst others.

Source

Tagged : / / / / /

U.K. Central Bank and Treasury Believe Digital Pound is Needed

by Blockchain News

According to a story that was published by the Daily Telegraph on February 4, the Bank of England (BoE) and His Majesty’s Treasury feel that it is possible that the United Kingdom will need to develop a central bank digital currency (CBDC) by the year 2030.

According to a source inside the administration who spoke to the publication, the “digital pound” blueprint is going to be unveiled the following week. On February 7th, Deputy Governor Jon Cunliffe is going to provide an update on the work that the BoE has been doing on the CBDC.

The Governor of the Bank of England, Andrew Bailey, and the Chancellor of the Exchequer, Jeremy Hunt, were quoted in the Telegraph as saying that they believe it is likely that a digital version of the pound will be required in the future. This conclusion was reached on the basis of the work that has been done up until this point.

The Bank of England did not comment on the report but did say that a joint consultation about the digital pound will be made available in the near future.

It was reported that cash and coin payments in the United Kingdom dropped by 35% in the year 2020. About one payment out of every six is made with cash, while the other five are made using debit and credit cards. A digital currency produced by a central bank is a digital representation of government-issued money that is pegged to fiat reserves on a one-to-one basis.

The announcement was made only a few days after HM Treasury published a job listing on LinkedIn advertising an open position for a head of central bank digital currency. The function was described as “important, complicated, and cross-cutting” in the job description, and it was said that it required “substantial involvement within and beyond the HM Treasury.”

The digital pound is only one of the numerous CBDCs that are anticipated to be implemented in different parts of the globe in the years to come. The European Central Bank has been debating the possibility of a digital version of the euro, and a number of other nations, notably Sweden and Denmark, are also looking into the possibility of adopting digital currencies.

Source

Tagged : / / / / /

U.K. Treasury Proposes Ambitious Crypto Regulations

by Blockchain News

His Majesty’s Treasury has finally released a long-awaited consultation document in preparation for the imminent regulation of cryptocurrencies in the United Kingdom. The comprehensive paper, which is 80 pages long, covers a wide variety of subjects, ranging from the challenges posed by algorithmic stablecoins to the concept of nonfungible tokens (NFTs) and initial coin offers (ICOs).

The Treasury has claimed that the recommendations aim to position the financial services sector of the United Kingdom in the forefront of crypto and to prevent harsh control measures that have gathered traction worldwide throughout the crypto winter. This is the intention behind the proposals.

It was declared by the Treasury that there would not be a distinct regulatory system for cryptocurrency since it will be governed under the framework of the Financial Services and Markets Act 2000 in the United Kingdom (FSMA). The objective is to create an environment in which crypto and conventional financial systems compete on an equal footing. However, the Financial Conduct Authority (FCA), which is Britain’s primary financial regulator, will modify the laws established by the FSMA in order to apply to the market for digital assets.

At the very least, one of the annoying effects of that ruling is that it requires participants in the cryptocurrency market to go through the registration process again. They were previously required to go through the procedure in order to get a licence under the FCA’s licencing framework, but now they will have to be evaluated “against a broader variety of indicators.”

The good news is that, unlike in the conventional banking industry, organisations dealing in cryptocurrencies won’t be required to frequently publish their market data. On the other hand, the exchanges would be obligated to store the data and ensure that it may be accessed at any time.

In contrast to several of its overseas peers, the Treasury Department has opted not to prohibit the use of algorithmic stablecoins. They will instead be classified as “unbacked crypto assets,” and not as “stablecoins,” as a result of this change. Despite this, the word “stable” cannot be used in any of the marketing for the algorithmic coins that are being done for cryptocurrencies.

According to the consultation document, a distinct regulatory framework for crypto lending platforms would be examined, and it should require lenders to take into consideration an acceptable collateral value and contingency preparations in case the participants’ main market counterparties collapse.

“Beginning immediately, the government need to promote deeper engagement with the business sector in order to design a comprehensive, risk-based framework that is in line with worldwide best practise.”

Nick Taylor, who is in charge of public policy for the EMEA region at the global cryptocurrency exchange Luno, believes that the sector is now through a watershed moment. He made the following observation: “Whilst there is still a distance to go until new laws come into place, we’re heartened by the size of the Government’s ambition.”

On April 30th, 2023, the consultation will come to an end. Up until that point, the British government is interested in hearing feedback from any and all relevant parties, including crypto companies, financial institutions, trade associations, representative bodies, academic institutions, law firms, and consumer advocacy organisations.

Source

Tagged : / / / / /

Poundtoken and BitcoinPoint will make the country’s first 100% backed GBP stablecoin

by Blockchain News

Because to a cooperation between Poundtoken and BitcoinPoint, the first 100% backed GBP stablecoin in the nation, denoted by the symbol $GBPT, will be available to retail customers via a network of 18,000 ATMs spread out throughout the United Kingdom. The action is in line with the government’s aim to utilise stablecoins for wholesale settlements and is another step toward the United Kingdom becoming a “crypto center.”

Bitcoin Point is a Bitcoin (BTC) and cryptocurrency exchange that is regulated and registered in the United Kingdom. Bitcoin Point supports the Lightning Network. The only company authorised to distribute the GBPT ($GBPT) stablecoin is Poundtoken. Poundtoken asserts that their stablecoin, GBPT, is completely backed in pound sterling at all times, and that auditor KPMG provides monthly attestations to support this claim.

Tokens like as Bitcoin and Ether (also known as ETH) may already be exchanged for fiat currency through automated teller machines (ATMs) located all across the United Kingdom. The inclusion of GBPT on the BitcoinPoint platform, on the other hand, means that users may now make retail and wholesale payments using the GBP stablecoin, and utilise a currency that is already known to Brits as an entry point into the cryptocurrency market.

The economy of the United Kingdom is the second biggest in all of Europe. Its government is currently recruiting for senior roles in Central Bank Digital Currencies (CBDCs), in addition to a rollout of a digital pound, and Prime Minister Rish Sunak has been vocal in his support for Digital Settlement Assets, the new and preferred terminology for cryptocurrency.

“Bringing blockchain technology and cryptocurrencies to the United Kingdom and easing their integration into the country’s economy are two of GBPT’s primary goals.”. It is high time that the United Kingdom began to live up to its potential as a global leader in cryptography.

The alliance is working to standardise the usage of stablecoins in the day-to-day operations of financial institutions and businesses. Marzouk provided an explanation, “At Bitcoin Point, we are Bitcoin enthusiasts, and we think there is a lot of potential value in stablecoin projects–it just makes perfect sense.

Stablecoin adoption has grown over the globe, from inflation-ridden Argentina to European financial centre Switzerland. However, the wounds of the Terra (LUNA) algorithmic stablecoin catastrophe are still raw for the crypto sector, causing some jurisdictions, like as Hong Kong, to restrict usage outright.

Scoring methods from established finance risk assessors such as Moody’s may offer legitimacy to the emerging stablecoin ecosystem while initiatives by Bitcoin-advocate organisations such as the Bitcoin Policy Institute may pave the road towards a crypto and stablecoin-based future.

“We envisage Bitcoiners opting out from the banking system and becoming bitcoin exclusively; you might also have folks who don’t want to have a bank account and may thus use GBPT. So when they need cash they may offramp into GBPT to acquire cash.”

The change could make it possible for an increasing number of crypto fans to join without the assistance of a bank. The connection is currently active across all 18,000 automated teller machines in the United Kingdom.

Source

Tagged : / / / /

Charity Commission investigating Effective Ventures Foundation over ties to FTX

by Blockchain News

Effective Ventures Foundation is an organisation with connections to the defunct cryptocurrency exchange FTX, according to a recent announcement made by the commission in England and Wales that is responsible for the regulation of registered charities.

The investigation was initiated owing to the fact that FTX is a “major sponsor” of Effective Ventures, as stated by the Charity Commission in a statement made on the 30th of January. Effective Ventures reportedly disclosed its links to FTX as a “severe event” that may possibly harm other assets, which opened the way for the regulator to probe the trustees of Effective Ventures.

According to the statement made by the commission, “there is no evidence of misconduct by the trustees at this time.” “However, there are indications of potential risks to the assets of the charity. The inquiry has been opened in order to establish the facts and assist in ensuring that the trustees are protecting the assets of the charity and are operating the charity in accordance with their duties and responsibilities.”

During the course of the inquiry, the Charity Commission indicated that the trustees were “cooperating completely,” and it would soon publish a report detailing what it discovered. After FTX filed for Chapter 11 bankruptcy in the United States and former CEO Sam Bankman-Fried was detained in the Bahamas, the regulator began their investigation on December 19. This was after both events had occurred.

During the processes surrounding the bankruptcy of the exchange, it has been revealed that charity organisations in the United States that had previously benefitted from FTX funding have been targeted. The company had donated millions of dollars to a variety of organisations and causes. A great number of political campaigns have made commitments to return monies that are associated with FTX or Bankman-Fried, but it is not clear if firms and investors will be legally compelled to “refund” the exchange’s creditors.

Source

Tagged : / / / / /

The U.K. government is recruiting for a head to its central bank digital currency project

by Blockchain News

The economic and financial ministry of the United Kingdom’s government, known as His Majesty’s Treasury, is in the process of hiring a head of central bank digital currency (CBDC) to oversee the creation of a digital version of the pound.

It has been said that the task is “important, difficult, and cross-cutting,” and that it would “need considerable collaboration within and beyond the HM Treasury.”

The argument for a digital pound is being investigated, as stated in the LinkedIn post, by the CBDC Taskforce, which is a collaboration between the Bank of England and the Treasury of the United Kingdom.

It is possible that the position of head of CBDC will bring the government of the United Kingdom one step closer to achieving its goal of implementing a CBDC.

A CBDC, often known as a digital pound, is not too distant from this.

Numerous nations all over the globe are investigating this and attempting to comprehend the advantages of this system in comparison to the one that is now in place; it is reasonable to assume that this will eventually take place.”

Indeed, the shift toward a digital pound is consistent with the trend of central banks all over the globe to investigate the possibilities presented by CBDCs.

The European Central Bank (ECB) has been doing extensive research on the possibility of a digital version of the euro, and many countries, like Sweden and Denmark, are also investigating the possibility of developing their own national digital currencies.

CBDCs make the claim that they can provide a variety of advantages, such as expanded financial inclusion, decreased costs for companies and customers, increased security and efficiency in the payment system, and so on.

Tony Yates, who served in a senior advisory role at the Bank of England in the past, has expressed his opposition to CBDCs.

We are concerned that there may be political pressure brought to the process that ignores or significantly downplays the risks that a CBDC poses to society. Resonating the thoughts of Dewar, he questioned the motivations behind the global rollouts of CBDCs, calling them “suspect”. In general, we are concerned that there may be political pressure that is brought to the process.”

The “digital” nature of money is another component that is called into question.

The United Kingdom is becoming an increasingly cashless and digital society: According to the Bank of England, less than 15% of payments are done using physical cash, and as many as 23 million individuals, which is almost one-third of the population in the United Kingdom, did not use cash at all in the year 2021.

When Scott questions the Treasury about a digital pound, Scott says, “Don’t we already have one?” 

Therefore, as soon as they have completed their exploratory phases, I would love to see a list of the advantages and new features that a CBDC will provide to the general population.”

Scott will “continue to concentrate on Bitcoin and establishing a worldwide, interoperable system that everyone can participate in” in the interim.

Dewar suggested that there is still a chance for Bitcoin and the government of the United Kingdom by saying, “The role description notes that the emergence of private sector money—such as Bitcoin—offers exciting opportunities for U.K. businesses and consumers, and we would very much agree with that at Bridge2Bitcoin.” There is still a chance for Bitcoin and the government of the United Kingdom.

Although there is currently no formal timetable in place, the Bank of England CBDC is intended to be made accessible to citizens of the United Kingdom.

Source

Tagged : / / / / / /

The UK’s Regulatory Policy Committee is Against the FCA

by Blockchain News

There is a lack of consensus among those who make decisions on public policy in the United Kingdom over whether or not retail investors should be barred from purchasing, promoting, or distributing derivatives and exchange-traded notes (ETNs) that are linked to cryptocurrencies.

The Regulatory Policy Committee is of the opinion that the measure, which was implemented in 2021, cannot be justified given the present state of affairs. In January of 2021, the restriction was enforced by the Financial Conduct Authority (FCA), which is the primary regulatory body in the United Kingdom.

Since that time, businesses are not permitted to sell bitcoin derivatives products to retail clients. These products include futures, options, and exchange-traded notes (also known as ETNs).

In spite of the fact that 97% of people who responded to the FCA’s consultation opposed the “disproportionate” prohibition, the FCA went ahead and enacted the blanket ban anyway. Many of the respondents argued that retail investors are capable of evaluating the risks and the value of crypto derivatives.

The Regulatory Policy Committee (RPC), which is an advisory public body that is sponsored by the Department for Business, Energy and Industrial Strategy of the United Kingdom government, presented its arguments against the FCA’s restriction on January 23.

The RPC conducted a cost-benefit analysis and determined that the yearly losses caused by the policy were about 333 million dollars (or 268.5 million British pounds).

According to the RPC, the FCA did not offer a detailed description of the particular events that may take place in the event that the restriction was not in place.

In addition, it failed to provide an explanation of the methodology and calculations used to assess the costs and benefits at the time.

In light of this, the RPC assigns the ban the “red” rating, which indicates that it does not fulfil its intended function.

The unfavourable evaluation provided by the RPC does not automatically result in the immediate repeal of the Act.

In spite of this, given that the committee has connections to the Department of Business, Energy, and Industrial Strategy, it is possible that this will signal a difference in understanding of what constitutes fair regulation between the FCA and the government.

The British financial authorities made a number of substantial measures to encourage the growth of the digital economy last year. These efforts were documented in a report.

For instance, “designated crypto assets” were included in a list of investment transactions that are eligible for the Investment Manager Exemption. This exemption is for investment managers.

Source

Tagged : / / / /

Starling Bank prohibits crypto purchases and deposits citing danger

by Blockchain News

The digital bank Starling, which is situated in the United Kingdom, is the most recent financial institution to prohibit its cardholders from engaging in any transactions or activities linked to cryptocurrencies.

Customers of Starling will no longer be able to make purchases of cryptocurrencies such as Bitcoin (BTC) or receive inbound transfers from crypto exchanges or shops accepting Bitcoin as payment.

The online bank made the announcement to its clients as well as on Twitter, citing the high perceived risks associated with cryptocurrency trading as the reason for the decision.

The bank took these steps in the midst of an ongoing crisis in the cryptocurrency business involving FTX, one of the largest crypto exchanges in the world, which is accused of misappropriating customer cash together with its sister company, Alameda.

According to the documents filed by FTX in its bankruptcy proceeding, the company owes more than $3 billion to its 50 largest creditors, and the total number of investors who are creditors is apparently above 1 million.

This is not the first time that Starling has implemented limits on activities linked to cryptocurrencies and blockchain technology.

In May 2021, the bank temporarily blocked payments to cryptocurrency exchanges due to similar concerns. The bank cited “high levels of suspected financial crime with payments to some cryptocurrency exchanges.” as the reason for the temporary stoppage.

The ban comes only a few weeks after Santander UK restricted client contributions to cryptocurrency exchanges to a maximum of 1,000 British pounds ($1,196) per transaction and 3,000 British pounds ($3,588) overall per month.

According to recent reports, a number of other British banks have fully barred transactions relating to cryptocurrencies.

In June of 2017, TSB bank restricted the ability of its 5.4 million clients to purchase bitcoin.

Source

Tagged : / /
Bitcoin (BTC) $ 26,562.12 0.11%
Ethereum (ETH) $ 1,592.07 0.19%
Litecoin (LTC) $ 64.62 0.13%
Bitcoin Cash (BCH) $ 209.00 0.81%