News
The prediction market is introducing price-based contracts tied to stocks and commodities, using Pyth data feeds as the "resolution source" to automatically settle outcomes.
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United Kingdom News
The Financial Conduct Authority (FCA) serves as the primary financial regulatory body in the United Kingdom. While the FCA ensures that crypto asset firms adhere to effective Anti-Money Laundering and Counter-Terrorist Financing procedures, crypto assets themselves generally remain unregulated. Notably, security tokens, possessing characteristics similar to specified investments such as shares or debt instruments, are the sole FCA-regulated crypto assets.
In the U.K., cryptocurrency taxation is outlined in His Majesty’s Revenue and Customs “Cryptoassets Manual.” Cryptocurrencies are categorized into exchange tokens (used for payment), security tokens (representing interests in businesses), utility tokens (providing access to services) and stablecoins (pegged to fiat money).
Individuals holding crypto assets are taxed on profits, including from airdrops, mining and salary payments. Capital gains tax applies, with a £12,570 tax-free allowance for 2023. Gains exceeding this limit are taxed at 20% to 40%, rising to 45% for higher incomes. Unlike the United States, the U.K. lacks separate short-term and long-term capital gains tax rates, with taxation determined by one’s income tax band, emphasizing the importance of understanding specific transaction types and applicable tax regulations.
A significant development occurred on June 8, 2023, when the FCA published a policy statement (PS23/6), expanding its oversight to include crypto asset promotions. This marked the first time crypto asset promotions fell under the FCA’s regulatory purview, indicating an important step in regulating the U.K. crypto industry.
- News
An executive said the social media platform could lock accounts mentioning crypto for the first time and require verification after a scammer faked reports of a tortoise's death.
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A Coinbase-backed survey found more than 80% of UK 16–25-year-olds are aware of crypto, as policymakers consider restrictions on digital asset donations.
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A UK review led by Philip Rycroft recommended a temporary moratorium on crypto political donations until stronger safeguards and statutory guidance are in place.
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UK Finance said that tokenized deposits could play a “vital role” in a future multi-money system alongside other digital assets.
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The UK has a unique opportunity to merge the best of the EU’s MiCA framework and the US GENIUS Act, Circle’s Dante Disparte told the House of Lords committee on Wednesday.
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A UK parliamentary committee urged an immediate moratorium on crypto political donations until stronger safeguards are in place.
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Justice Cotter said the husband has a high chance of succeeding based on the available evidence and recommended an early trial.
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Dubbed “Operation Atlantic,“ the effort involves law enforcement agencies from the three countries and is aimed at preventing phishing attacks involving cryptocurrencies.
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Hana Financial Group will collaborate with Standard Chartered on digital assets following its stablecoin partnership with USDC issuer Circle earlier in March.
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Johnson said that he could understand why gold and Pokémon cards have investment appeal but not Bitcoin, which he characterized as a scam.
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The Bank of England is open to fixes on its proposed stablecoin framework, but one official said it needs better feedback from crypto industry participants.
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Chinese investors defrauded in the Zhimin Qian case are asking the UK High Court to reject a redress plan for 61,000 seized Bitcoin, saying it could deprive them of the assets’ gains.
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Industry groups have criticized the UK’s proposed stablecoin holding limits, arguing they would signal that the UK is hostile to crypto and stifle innovation.
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The financial tech company was granted a full UK banking license on Wednesday and has also applied for a federal bank charter in the United States.
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