The UK is gearing up to close the regulatory vacuum present in the crypto market. The recent crash has only strengthened lawmakers’ resolve. As such, the Bank of England’s Financial Policy Committee highlighted the need for enhanced regulatory and law enforcement frameworks in the sector. Enhanced Regulatory Framework in Crypto In their latest report, the...Read More
British multinational jeweler Graff Diamonds Corp. has filed a lawsuit against its insurer, The Travelers Companies, Inc. (Travelers), for failing to provide indemnity after it paid $7.5 million in Bitcoin to ransomware hackers. Graff Sues Insurer Over $7.5M BTC Ransom Loss According to a Bloomberg report on Wednesday, Graff’s security systems were exploited by the...Read More
The UK-based cryptocurrency mining firm – Argo Blockchain – mined 179 BTC last month. However, due to the current market conditions and its loan agreement with Galaxy Digital, the company had to sell 637 BTC at an average price of around $24,500. More Sellings Than Production In September 2021, Argo Blockchain secured a $25 million...Read More
Twitter and YouTube accounts of the British Army were simultaneously hacked on Sunday and used for promoting two different crypto scams. However, by Sunday evening, the compromised accounts had been restored to normal, media reports said. Cyber Attack The unknown hackers changed the account details to make them look in sync with the crypto scams they...Read More
Her Majesty’s Treasury hosted the regulatory pillar of the US-UK Financial Innovation Partnership with its counterpart, the US Treasury Department, on Jun 29th. Both parties acknowledged the importance of teaming up to support safe innovation and strengthen regulatory outcomes for digital assets across jurisdictions. On Stablecoins According to the joint statement issued, top domestic watchdogs...Read More
Philip Hammond – a British politician who served as Chancellor of the Exchequer from 2016 to 2019 – urged the United Kingdom’s authorities to open their arms to the digital asset industry. Otherwise, other countries that have already hopped on the bandwagon will turn into global crypto leaders, while the UK will miss this opportunity....Read More
Just shortly after releasing a stablecoin pegged to the Mexican Peso, Tether has introduced a new product focusing on the British Pound. GBPT will first work on top of Ethereum, while other blockchain networks could be added in the future. The company’s announcement reads that the new stablecoin will hit the market in early July...Read More
A West Yorkshire resident, Simon Barclay, has been convicted of drug trafficking worth millions of pounds on the dark web with cryptocurrency proceeds. Man Pleads Guilty to Drug Deals Involving Crypto Barclay, 41, pleaded guilty on Tuesday at Leeds Crown Court to several crimes, including the possession of Class A and B drugs and crime...Read More
Chris Philp – digital minister of the United Kingdom – revealed that the Johnson administration plans to turn the country into a “global crypto hub” while reiterating a cautious stance regarding the potential crimes within the digital asset space. In a radio interview with Bloomberg on Wednesday, the minister stated that the government would push...Read More
The catastrophic event sparked renewed effort from the global regulators to address key inefficiencies in the stablecoin market that many consider could potentially jeopardize financial stability. The UK government, for one, is introducing measures in a bid to protect investors against the potential collapse of stablecoins. Changing Existing Legislation In a consultation paper released on...Read More
The condition of the global economy seems to be in a state of knockdown. The years of financial boom after the crisis in 2008 ended with the outbreak of the COVID-19 pandemic at the beginning of 2020. Social distancing measures and “stay-at-home” rules crippled production to a serious extent, while numerous central banks took the...Read More
The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate...Read More
Though Bitcoin touched the 30,000 level after days of violent dumps befalling the crypto market, a large portion of investors have since then remained underwater. The recent market selloff led by Terra and its two native cryptocurrencies plummeting in value has at one point wiped out the crypto market’s total gains attained from 2021. But...Read More
The founder of the whistleblowing platform WikiLeaks – Julian Assange – could soon be extradited to the United States since the British and the American governments are diligently working on this. Still, the Australian activist will be able to appeal the decision. How Close Is Assange to a US Prison? The creator of the media...Read More
As part of its international expansion efforts, Robinhood signed an agreement to purchase the British cryptocurrency exchange – Ziglu Limited. The former raised hopes that the acquisition will allow it to spread its presence into the UK and across Europe. Robinhood Reveals the Deal With Ziglu The US financial services company – Robinhood – continues...Read More
Even though trading volumes for NFTs have somewhat declined overall, the space is seemingly thriving and getting more attention. The last bit comes from none other than the UK’s Finance Minister – Rishi Sunak. Rishi Sunak – the finance minister of the United Kingdom – has asked the Royal Mint to create a non-fungible token...Read More
UK’s progress in crypto innovation hangs in limbo due to a lack of clarity from the watchdogs. Many high-profile companies are now looking for crypto friendlier pastures elsewhere. If cryptocurrency-based firms wind down their operations, the UK might face a mass exodus as the FCA deadline for receiving approval nears. Regulatory Hurdles in the UK...Read More
South Korea’s National Tax Agency’s chairman Kim Dae-Ji held a meeting this week with tax executives from Bulgaria and Britain to discuss the “rise of tax-dodging schemes” through the use of digital assets. As per a report from a local news outlet, the National Tax Agency plans to further cooperate with Bulgaria and Britain to...Read More
The Advertising Standard Authority (ASA) intensified its negative stance against crypto-related companies. It warned such entities not to encourage individuals to purchase digital assets with credit cards or swap their pensions for coins like bitcoin. The ASA’s Latest Warning The British authorities and financial regulators are known for their harsh stance against the cryptocurrency sector....Read More
Crypto mixer, which can obfuscate data linking a user to certain transactions, is designed to preserve privacy. But it also makes an obvious hotbed for all sorts of illicit activities. Hence, governments and regulators have expressed concerns over such protocols. The UK’s National Crime Agency (NCA) is the latest to call for regulating protocols that...Read More
Alan Chang, the Chief Revenue Officer of Revolut, is reportedly leaving the UK fintech company with plans to raise funds in the millions of dollars for a new cryptocurrency initiative. $100 Million in Funding for New Crypto Venture According to Bloomberg, Chang is set to leave Revolut after working as one of the company’s executives...Read More
The Financial Conduct Authority (FCA) of Britain has ordered that all Bitcoin cashpoints in the country be shut down. ATM providers recently received an order from the watchdog to cease operations, or risk facing enforcement action. Weeding Out Money Laundering Bitcoin ATMs allow holders of cash to independently convert their cash into Bitcoin, or vice...Read More
The leading British financial markets infrastructure – London Stock Exchange Group – will acquire the trading tech solutions provider TORA for $325 million. The initiative aims to strengthen LSEG’s presence in the cryptocurrency sector. London Stock Exchange Dives Deeper According to a recent announcement, the London Stock Exchange Group will pay $325 million in an...Read More
HM Revenue and Customs (HMRC) has reportedly seized three non-fungible tokens (NFTs) in a crackdown on suspected activity to hide money. Apart from confiscating the assets, law enforcement arrested three people alleged of the crime. The First NFT Seizure As reported by Reuters, the British tax authorities investigated a $1.9 million financial scheme. The operation...Read More
Matt Hancock, a Conservative Party MP in the UK parliament, said Britain could create a “dynamic” regulatory environment for cryptocurrencies rather than follow the EU’s restrictive policies. He noted that this is possible because of Brexit, which offers the country an opportunity to benefit from crypto innovations. “We now don’t have to just take the...Read More
UK-based blockchain company Millicent has received government funding in the form of a UK Research, and Innovation (UKRI) Innovate UK Smart Award. The project aims to assist in the nation’s strives to launch a central bank digital currency. Millicent’s UK Funding Based in London, England, Millicent is a blockchain-powered firm promising to rewrite “the code...Read More
International sports betting and gambling company – Entain – plans to invest $133 million to establish a global innovation lab focused on entertainment experiences in the Metaverse. Specifically, the company intends to fund start-ups and develop applications for non-fungible tokens (NFTs). Entain Diving in The Metaverse In a recent interview for CNBC, Entain’s Chief Executive...Read More
An anonymous UK resident reportedly parted with nearly $200,000 of his savings after a woman he messaged in a dating app conned him. The man admitted he felt so desperate after the scam that he considered taking his life. ‘In The Blink of an Eye, Everything Was Gone’ According to a recent coverage by BBC,...Read More
The Financial Conduct Authority (FCA) – the top monetary regulator in the United Kingdom – proposed to tighten the rules on how high-risk investments such as digital assets are advertised. The watchdog said companies should not be able to promote cryptocurrencies to people who lack financial knowledge and experience. The UK Strengthens its Stance The...Read More
The London-based venture capital company Blossom Capital raised $432 million to invest in early-stage tech startups in Europe. The firm has reserved a third of the proceeds for investments in the cryptocurrency industry. Blossom Capital Eyes the Crypto Universe The cryptocurrency initiative, which the British organization launched, does not come as a surprise since its...Read More
