A blockchain-based payment and settlement ledger has the potential to revolutionize the finance sector in the UK, as per the leading financial trade body in the nation, UK Finance. In a September 17 press release, the association announced that it had successfully trialled the Regulated Liability Network (RLN), a blockchain-powered ...
The U.K.'s Financial Conduct Authority (FCA) has evaluated cryptocurrency firms' compliance with the new financial promotion regulations introduced in October 2023 to enhance consumer awareness of crypto investment risks. During the evaluation, the FCA examined how companies implemented personalized risk warnings, the mandatory 24-hour cooling-off period, client categorization, and appropriateness ...
Xapo Bank has introduced a new financial product allowing its UK customers to earn daily interest on their Bitcoin deposits. The interest will be paid in Satoshis, the smallest unit of Bitcoin, with variable rates applicable to balances up to 5 BTC. The bank's new Bitcoin accounts reportedly offer 1% ...
Ireland-based digital payment service provider Decta has announced a partnership with French fintech startup Next Generation to launch a new Euro-pegged stablecoin. The stablecoin, named EURT, will be initially issued on the Stellar blockchain, with plans to support three additional platforms. Decta that the collaboration aims to leverage its regulatory ...
The Law Commission of England and Wales has recommended that the government establish a new category of personal property to encompass crypto assets. The independent body, which reviews and suggests legal reforms, highlighted the shortcomings of the current property classifications in addressing the complexities of digital assets in a recent ...
Coinbase's U.K. subsidiary, C.B. Payments Limited (CBPL), has been fined £3.5 million by the Financial Conduct Authority (FCA) for “repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers.” According to the FCA, despite a voluntary agreement with it to limit the onboarding of high-risk customers, ...
UK Treasury official Bim Afolami has criticized what he perceives to be an overregulation of the nation's crypto landscape. Speaking at an event on May 8, 2024, Afolami emphasized the importance of ensuring that regulatory scrutiny does not undermine the crypto industry's growth and innovation potential. Afolami claimed that the ...
A new report from the UK Treasury has drawn attention to the increased risk of cryptocurrency transactions between 2022 and 2023 being money laundering activities. This comes as UK regulatory agencies ramp up efforts to tackle financial crimes in the crypto sphere. The report, which was about the Treasury supervisory ...
The U.K. government is preparing to introduce new legislation covering crypto staking, stablecoin, exchange and custody services by June or July 2024. The nation's Economic Secretary, Bim Afolami, reportedly announced this at the Innovative Finance Global Summit on Monday, April 15. Afolami stated that active efforts are underway to finalize ...
Australian computer scientist Craig Wright is in a legal battle in the United Kingdom over charges brought by some cryptocurrency exchanges and developers for claiming to be Nakamoto Satoshi, the developer of Bitcoin. The trial hearing, which began on February 5, was marked by heated disagreements and serious allegations regarding ...
