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Is Bitcoin Legal In Uk

Uk Government Mulls Bitcoin Regulation

Uk Government Mulls Bitcoin Regulation

These are external links and will open in a new window Anti-money laundering regulations should be updated to include Bitcoin and other virtual currencies, the UK Treasury has said. The Metropolitan Police says criminals are using crypto-currency cash machines to launder money in London. The government's aim is part of a broader update to the EU rules which are under negotiation. The update, revealed in Parliament last month, would mean that traders would no longer be able to operate anonymously. Bitcoin expert Dr Garrick Hileman, a research fellow at the University of Cambridge, said that in jurisdictions such as New York, crypto-currency is already subject to tighter regulation. "I think these announcements have a powerful signalling effect and put the industry on notice that the 'cop on the beat' is concerned and watching crypto-currencies more closely now," he said of the Treasury news. "This in turn will motivate companies to more effectively self-police bad actors." At a press briefing, Scotland Yard warned about the currencies' popularity among criminals. "Organised criminal groups have been early adopters of crypto-currencies to evade traditional money laundering checks and statutory regulations," said Det Supt Nick Stevens, from the Serious and Organised Crime Command. "Criminals have also used crypto-currencies to purchase illegal commodities on dark market sites with anonymity." A Treasury spokesman said that there were already "clear tax rules" for legitimate crypto-currency users. "We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation," he added. The value of Bitcoin has continued to climb after reaching a landmark value of $10,000 (7,400) and at the time of wr Continue reading >>

Bitcoin Regulation In The Uk

Bitcoin Regulation In The Uk

Eitan Jankelewitz is a technology lawyer at the law firm Sheridans. He provides commercial legal advice to all kinds of technology businesses, including some operating in the bitcoin economy. In this article, Jankelewitz explains how UK regulation applies to bitcoin and other digital currencies. He also describes the approach to compliance generally taken by UK businesses. The UK, especially London, is considered a global centre for financial services and new technologies. You might assume, therefore, that the UK would be a great adoptive home for bitcoin and other digital currencies. Digital currency is, after all, the ultimate example of a finance/technology hybrid. Well, you would be right. The British public has shown keen interest in digital currencies the London bitcoin meetup is possibly the biggest in the world and there are numerous other events and meetings being held in cities up and down the UK. Britain is also home to some of the worlds most popular bitcoin products and services . Despite this, the UKs government and regulators have been remarkably quiet on the subject of digital currencies, and have left the development and adoption of digital currencies largely unacknowledged. There are three areas of regulation to consider when examining this subject: consumer protection; the prevention of money laundering, and taxation. Foreign regulations also have certain implications for those operating in the UK. In the UK, the Financial Conduct Authority (FCA) is the regulator with responsibility for ensuring that financial services are provided in a way that protects consumers and maintains the integrity of the market. The FCA regulates businesses that provide financial services or promote financial services (whether retail or wholesale). In the last year, a numb Continue reading >>

Uk And Eu Plan To Regulate Cryptocurrencies And Reveal Bitcoin Users' Identities - Business Insider

Uk And Eu Plan To Regulate Cryptocurrencies And Reveal Bitcoin Users' Identities - Business Insider

Bitcoins and a ten pound note. REUTERS/Dado Ruvic/Illustration The UK and other EU governments plan to regulate cryptocurrencies, including bitcoin, amid concerns they are being used for money laundering. New legislation will bring cryptocurrencies in line with anti-money laundering and counter terrorist financing legislation by increasing transparency. The new legislation is expected to come into effect next year. LONDON The UK government is planning to crack down on bitcoin as concerns grow that cryptocurrencies are being used to facilitate financial crimes and launder money. The Treasury is planning new legislation that will mean anti-money laundering and counter terrorist financing rules apply to cryptocurrency in future, according to reports in the Guardian and the Telegraph. It will include rules forcing traders to reveal their identities in some circumstances. Under an EU-wide plan, online platforms where currencies are traded will be made to carry out due diligence on buyers. In November, economic secretary to the Treasury Stephen Barclay said in a written parliamentary answer: "The UK government is currently negotiating amendments to the fourth anti-money laundering directive that will bring virtual currency exchange platforms and custodian wallet providers into anti-money laundering and counterterrorist financing regulation, which will result in these firms' activities being overseen by national competent authorities for these areas." He said the government "supports the intention behind these amendments," and negotiations are expected to conclude at EU level in late 2017 or early 2018. A Treasury spokesperson said in an emailed statement,"We are working to address concerns about the use of cryptocurrencies, by negotiating to brig virtual currency exchange pl Continue reading >>

Cryptocurrency Latest: 'unprecedented' Bitcoin Legal Battles Baffle Top Regulation Lawyers

Cryptocurrency Latest: 'unprecedented' Bitcoin Legal Battles Baffle Top Regulation Lawyers

JPMorgan Chase head Jamie Dimon is one of Bitcoin's harshest critics [Getty Images] Whilst cryptocurrencies are volatile, they are not going to go away. Bitcoin has dramatically seen its value plunge throughout 2018 from a record high of nearly 15,000 in December 2017 to now under 7,000. However, there is evidence to suggest the number of people investing in cryptocurrencies is rising. Ms Chitroda added: It is important that if you believe your husband or wife has invested in or purchased cryptocurrencies, such as Bitcoin, and you are separating, you tell your legal adviser. Countries around the world are currently looking at implementing regulation for digital currencies in an effort to catch up with the latest financial craze. The finance minister and Central Bank Governors of France and Germany have requested that talks on policy and monetary implications of cryptocurrencies be part of G20 talks in March. They want world leaders to come up with a global strategy for the online assets. Some countries have already begun to act unilaterally to increase regulation. South Korea introduced a raft of measures last month aimed at regulating Bitcoin and similar currencies such as Ripple and Ethereum. A ban on anonymous trading was implemented by the Asian power in a bid to crack down on all possible criminal activities the secret nature of trading Bitcoin allowed. Meanwhile, Indias Government has said it does not consider cryptocurrencies to be legal tender and will try to phase out payments using the online money. Continue reading >>

Legality Of Bitcoin By Country Or Territory

Legality Of Bitcoin By Country Or Territory

Legality of bitcoin by country or territory For a broader coverage related to this topic, see Bitcoin . The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. [1] Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [2] :European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the bitcoin virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to currency, bank notes and coins used as legal tender", making bitcoin a currency as opposed to being a commodity. [3] [4] According to judges, the tax shouldnt be charged because bitcoins should be treated as a means of payment. [5] According to the European Central Bank , traditional financial sector regulation is not applicable to bitcoin because it does not involve t Continue reading >>

Bitcoin Lawyers London - Digital Currency | Selachii Llp

Bitcoin Lawyers London - Digital Currency | Selachii Llp

Including advising our clients on the relative benefits of a Bitcoin JVA. As the Bitcoin industry becomes more widespread, it is inevitable that regulation will follow. Therefore, if your Bitcoin related business is set up correctly, the effects of future regulation can be minimised. Each day there are rumours as to what governments may be considering around the world. We have a wide Bitcoin network and are always ahead of the game concerning regulatory announcements. We ensure our clients are informed immediately upon any new regulation being either considered or imposed. Bitcoin related agreements raise unique problems in the legal industry and we are at the forefront of understanding and solving these problems. There are many things to consider such as Jurisdiction or any potential proceedings and we can advise and assist our clients to a successful resolution. The firm has a tenacious and entrepreneurial approach often challenging convention to achieve the clients goals. If you business has any Bitcoin related legal issues please email or call a Bitcoin Solicitor on 0203 131 8413 or email [email protected] Continue reading >>

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Subscribe To Read

Subscribe to the FT to read: Financial Times UK finance watchdog head says no plans to push bitcoin regulation Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust. Choose the subscription that is right for you Purchase a Digital Trial subscription for Not sure which package to choose? Try full access for 4 weeks For 4 weeks receive unlimited Premium digital access to the FT's trusted, award-winning business news Purchase a Standard Digital subscription for Be informed with the essential news and opinion MyFT track the topics most important to you FT Weekend full access to the weekend content Mobile & Tablet Apps download to read on the go Gift Article share up to 10 articles a month with family, friends and colleagues Purchase a Premium Digital subscription for All the essentials plus deeper insights and analysis In-depth analysis on trade, emerging markets, M&A, investing and more ePaper a digital replica of the newspaper Gift Article share up to 20 articles a month with family, friends and colleagues Purchase a Premium Digital + Newspaper subscription for FT Newspaper delivered daily plus unlimited digital access Continue reading >>

Bitcoin: What Is It, Where Can You Use It And Is It Worth Investing?

Bitcoin: What Is It, Where Can You Use It And Is It Worth Investing?

Bitcoin: What is it, where can you use it and is it worth investing? Some have speculated as to whether the cryptocurrency could rise to $1m per coin There seem to be hundreds of new articles every week speculating on how high bitcoin could go now Tories snatch key target Barnet Council from under Labour's nose Bitcoin had an incredible 2017 after increasing in value more 20 times from below $1,000 dollars to a peak of just under $20,000. Such phenomenal returns have caused many to ask how they can get in on the action while others to suggest its a dangerous bubble waiting to burst . So what exactly is bitcoin and why is it attracting so much attention? Bitcoin - live updates: Bubble fears increase as value soars Bitcoin is a digital currency created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It can be used to buy or sell items from people and companies that accept bitcoin as payment, but it differs in several key ways from traditional currencies. Most obviously, bitcoin doesnt exist as a physical currency. There are no actual coins or notes. It exists only online. Real-world currencies, like the dollar, are managed by a central bank such as the US Federal Reserve or the Bank of England, which manage the money supply to keep prices steady. They can print more money or withdraw some from circulation if they think its needed, as well as using other monetary policy controls such as adjusting interest rates. Bitcoin has no central bank and isnt linked to or regulated by any state. The supply of the cryptocurrency is decentralised it can only be increased by a process known as mining. For each bitcoin transaction, a computer owned by a bitcoin miner must solve a difficult mathematical problem. The miner then receives a fraction of a bitcoin as a reward Continue reading >>

Uk Government Mulls Bitcoin Regulation

Uk Government Mulls Bitcoin Regulation

These are external links and will open in a new window Anti-money laundering regulations should be updated to include Bitcoin and other virtual currencies, the UK Treasury has said. The Metropolitan Police says criminals are using crypto-currency cash machines to launder money in London. The government's aim is part of a broader update to the EU rules which are under negotiation. The update, revealed in Parliament last month, would mean that traders would no longer be able to operate anonymously. Bitcoin expert Dr Garrick Hileman, a research fellow at the University of Cambridge, said that in jurisdictions such as New York, crypto-currency is already subject to tighter regulation. "I think these announcements have a powerful signalling effect and put the industry on notice that the 'cop on the beat' is concerned and watching crypto-currencies more closely now," he said of the Treasury news. "This in turn will motivate companies to more effectively self-police bad actors." At a press briefing, Scotland Yard warned about the currencies' popularity among criminals. "Organised criminal groups have been early adopters of crypto-currencies to evade traditional money laundering checks and statutory regulations," said Det Supt Nick Stevens, from the Serious and Organised Crime Command. "Criminals have also used crypto-currencies to purchase illegal commodities on dark market sites with anonymity." A Treasury spokesman said that there were already "clear tax rules" for legitimate crypto-currency users. "We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation," he added. The value of Bitcoin has continued to climb after reaching a landmark value of $10,000 (7,400) and at the time of wr Continue reading >>

Bitcoin News: Where Is Bitcoin Legal? Cryptocurrency Regulations Mapped Across The World | City & Business | Finance | Express.co.uk

Bitcoin News: Where Is Bitcoin Legal? Cryptocurrency Regulations Mapped Across The World | City & Business | Finance | Express.co.uk

PUBLISHED: PUBLISHED: 10:00, Sat, Mar 24, 2018 Bitcoin crackdown mapped: Ten nations are actively opposed to cryptocurrencies New research compiling data from countries around the globe shows nearly 100 nations have no restrictions on bitcoin and are either enthusiastic for them, or are neutral. Ten nations are actively opposed to cryptocurrencies - with some going as far as criminalising their sale. A further seven have enacted regulations on the sale and use of the digital currency, though the scope of these rules varies by country. However, according to analysis by cryptocurrency site CoinWriting, governments in the vast majority of countiesare yet to decide on which path to take and have expressed no opinion either way on them. According to the map, bitcoin is legal in most of North America, Europe, Central Asia and Australia. Countries with restrictions in place include China, Saudi Arabia, Mexico and Egypt. The research found bitcoin was completely outlawed in 10 counties: Iceland, Vietnam, Bolivia, Kyrgyzstan, Ecuador, Russia, Algeria, Nepal, Bangladesh and Morocco. The analysis concludes Western nations are generally more open to cryptocurrencies whereas Eastern countries are sceptical. Bitcoin news: The study shows bitcoin's legal status across the world But it also warns that, because most countries have yet to make their position clear, there was the possibility of a run of nations coming out against cryptocurrencies, tipping the global balance against bitcoin. The research found the 10 countries which had outlawed bitcoin were largely concerned the digital currency poses a threat to traditional banks while others are worried about their lack of traceability and potential use for illegal activities. According to the Coinwriting study, Iceland banned bitcoin Continue reading >>

Bitcoin Backlash: The Legal Rules And What You Need To Know If You Want To Invest

Bitcoin Backlash: The Legal Rules And What You Need To Know If You Want To Invest

Bitcoin backlash: The legal rules and what you need to know if you want to invest Bitcoin has been in the spotlight for regulatorsCredit:Bloomberg After more than a year of fears around cryptocurrency scams and links to crime and fraud , the threat of Bitcoin regulation has finally started to bite as the price of the digital coin fell below $10,000 in its worst month in years. In the US, theCommodity Futures Trading Commission has sent subpoenas to a major Bitcoin exchange and Tether, a widely traded cryptocurrency, Bloomberg reported. In Asia, South Korea has issued regulations to ban anonymous cryptocurrency trading . The backlash against Bitcoin is growing. The price of Bitcoin has halved since December from bubble-like highs, but while it hasfallen before, this time governments and authorities are coming for cryptocurrencies. Start a 30-day free trial for unlimited access to Premium articles Continue reading >>

How Is Bitcoin Taxed In The Uk?

How Is Bitcoin Taxed In The Uk?

Cryptocurrencies are becoming an increasingly popular way to invest and transact. As a result, the value of some cryptocurrencies have reach levels beyond any predictions, and with that has come an enormous wave of individual and licensed traders who have made a tidy fortune. However, the earnings made by some on cryptocurrencies have created a grey area on how they should be consequently taxed - the short answer is that cryptocurrencies have tax implications. HMRC itself has not introduced any new legislation which is tailored specifically to tax on cryptocurrencies, this stems from the body's belief that current legislation is sufficient guidance. Accounts & Legal have established themselves as a cryptocurrency accountant at the forefront of the virtual currency movement. Our team are fully up to speed with the accounting guidelines on this emerging form of currency and are ready to help you answers questions such as, "how is Bitcoin taxed in the UK?". You can get in touch with us directly, or try our i nteractive instant quote tool and one of our team will contact you shortly to discuss accounting for cryptocurrency . Despite its volatility, Bitcoin is far and beyond the most popular and well-known crytpocurrency in circulation. However with over 1,300 currencies as of November 2017, the concept and use of virtual currencies are becoming increasingly popular. There are two ways to acquire cryptocurrencies and these in turn impact your tax situation. Firstly, there is mining. Mining has been bandied about throughout 2017 when cryptocurrency comes up in conversation but few truly understand what it actually is, or how it affects your tax position. In simple terms, cryptocurrency mining is a system that allows computer users to calculate the complex algorithms which ar Continue reading >>

How Legal Is Bitcoin And Crypto Currencies?

How Legal Is Bitcoin And Crypto Currencies?

How legal is Bitcoin and Crypto Currencies? The legality on Bitcoin and other crypto currencies depends on where you are and what you wish to do with it. Governments the world over are trying to get to grips with its risks and rewards, playing the game between consumer protection, anti-criminal activity and encouraging innovation. The risks for Governments can vary, most emerging markets are either heavily anti or pro the use of digital currencies such as Bitcoin but in general western economies are using soft touch principle based regulation to encourage innovation. Regulation is a patchwork of different opinions the world over but see below to get the latest on which governments are thinking what. Holland In June 2013 the Dutch Finance Minister released a report that gave Bitcoin the status of an item of barter meaning it needed no specific licensing or compliance requirements. He described Bitcoin as Bitcoin is not a financial product as defined by law, purchase or sale of bitcoins is not a financial service either, so the financial services act does not apply. The Dutch Ministry of Economic Affairs has taken a dimmer view through its think tanks and sponsored articles attempting to encourage its regulation. Norway The general of taxation declared at the end of 2013 that Bticoins dont fall under the usual definition of money or currency and therefore making them subject to the usual capital gains tax laws. Germany The German Government released a report in August 2013 saying that Bitcoins should be treated as a trading activity and therefore be subject to capital gains taxes unless they were held for a year or more. The German Federal Ministry of Finance further clarified their position by saying that Bitcoin should be treated as a unit of account and private money Continue reading >>

Bitcoin Warning: Cryptocurrency Profits To Be Taxed

Bitcoin Warning: Cryptocurrency Profits To Be Taxed

Bitcoin warning: Cryptocurrency profits to be TAXED Bitcoin warning: Cryptocurrency profits to be TAXED BITCOIN will be taxed following a dizzying year of price rises and falls, industry experts have warned as the volatile cryptocurrency continues moving towards the mainstream. With bitcoins price rising 1100 per cent over 2017 the HMRC has decided against creating new legislation to ensure the investment gains are taxed appropriately. But experts have warned the cryptocurrency will not remain exempt from tax. Benjamin Dives, CEO of London Block Exchange told Express.co.uk: In this world, nothing can be said to be certain, except death and taxes. Cryptocurrency may be new and unique, but it is not exempt from tax liability. Mr Dives says individuals who profit from their Bitcoin investments will be required to pay capital gains tax - just like those who profit from the disposal of their stocks, shares and other investment instruments through their annual self-assessment. Experts have warned the cryptocurrency will not remain exempt from tax Profits from bitcoin price rises are subject to 20 per cent Capital Gains Tax or 19 per cent Corporation Tax if its a company doing the trading. Everyone has a Capital Gains Tax free allowance of 11,300 per annum any gains up to this amount are tax free. But could bitcoin become a tool for tax evasion? Richard Asquith, vice president of global indirect tax atAvalara told Express.co.uk: It almost certainly already is, with either large amounts of undeclared gains on the current bubble or money laundering. However, Mr Asquith adds the disadvantage for fraudsters is the bitcoin public ledger systems makes it possible for law authorities to track down most of the crimes and criminals. The other area that could be exploited according to Continue reading >>

Bitcoin: Uk And Eu Plan Crackdown Amid Crime And Tax Evasion Fears

Bitcoin: Uk And Eu Plan Crackdown Amid Crime And Tax Evasion Fears

Bitcoin: UK and EU plan crackdown amid crime and tax evasion fears Cryptocurrency close to record high despite news Treasury plans to end traders anonymity The EU is taking action to regulate trading in bitcoin.Photograph: Artyom Korotayev/Tass Bitcoin: UK and EU plan crackdown amid crime and tax evasion fears Cryptocurrency close to record high despite news Treasury plans to end traders anonymity First published on Monday 4 December 2017 03.52EST The UK and other EU governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion. The Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation. Traders will be forced to disclose their identities, ending the anonymity that has made the currency attractive for drug dealing and other illegal activities. Under the EU-wide plan, online platforms where bitcoins are traded will be required to carry out due diligence on customers and report suspicious transactions. The UK government is negotiating amendments to the anti-money-laundering directive to ensure firms activities are overseen by national authorities. The Treasury said: We are working to address concerns about the use of cryptocurrencies by negotiating to bring virtual currency exchange platforms and some wallet providers within anti-money laundering and counter-terrorist financing regulation. What is bitcoin and is it a bad investment? Bitcoin is the first, and the biggest, "cryptocurrency" a decentralised tradable digital asset. Whether it's a bad investment is the big question . Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy Continue reading >>

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