Reports of cryptocurrency and foreign exchange scams in the U.K. grew threefold in the last financial year – spiking to 1,834 from 530 in the previous year, according to the country’s financial watchdog.
Citing data from Action Fraud, the Financial Conduct Authority (FCA) announced Tuesday that, although the number of reported cases has increased, total reported losses actually fell from about £38 million ($48 million) to £27 million ($34 million).
The U.K. Law Commission has launched a research project investigating reforms that would bring legal clarity to the use of blockchain-based smart contracts.
According to a working paper published on Thursday, the independent agency has already this year carried out initial research on the topic and a more formal project is due to start in the summer.
Editor’s note: The author, a freelance writer in the U.K., has an account at Trading 212 and was in the BCH market on Nov. 12.
The British government has recently released a policy paper clarifying the tax laws on crypto assets.
This fairly straightforward document was released on Her Majesty’s Revenue and Customs’ (HRMC) website, holding a sundry list of important crypto space terms, the relevant tax codes and points of intersection between the two.
Stranded Iranian students in the United Kingdom have turned to Bitcoin as a tool to circumvent the economic sanctions placed on their country, according to a Guardian report. Parsa Sadat, a law student at the University of Reading, is among a bevy of Iranian students who can't pay their tuition fees and are completely stranded at school after Iran was hit with sanctions by U.S. President Donald Trump last month.
The British government is planning to introduce strict regulations of cryptocurrencies like bitcoin to combat crime like tax evasion and money laundering.
The UK’s Financial Conduct Authority has warned of investment risks in cryptocurrency contracts-for-differences, a type of financial derivative.
The Financial Conduct Authority (FCA), the UK’s primary financial regulator and watchdog, has issued a consumer warning about the risks of investing in cryptocurrency contracts-for-differences (CFDs). A CFD contract, in this scenario, would essentially see two parties exchange the difference between the opening and closing prices of a cryptocurrency over a specific period of time.
The Australian High Commissioner to the UK has revealed that the two countries are on the verge of inking a new FinTech agreement.
Speaking at a global trade conference last week, Australia’s high commissioner to the UK Alexander Downer reportedly stated that the two countries “are in the process of concluding negotiations on fintech”, a move that will boost Australia with direct ties to one of Britain’s fastest-growing industries.
As reported by International Investment, Downer further revealed that the agreement will bring enhanced cooperation between the two countries’ regulatory authorities.
A 49-year-old man has decided to put his house up for sale for £80,000; however, he’s willing to accept bitcoin for it too.
Sean Atkinson from Grimsby, a major seaport on the east coast of England, said that he is willing to sell his three-bedroom house for £80,000 or £100 ‘plus bitcoins,’ reports The Telegraph.
Bitcoin has been enjoying an unprecedented rise in recent weeks.
Companies that handle digital currencies are being forced to open bank accounts elsewhere as British banks continue to shun them.
Investor interest in digital currencies has surged this year with bitcoin’s price rising to a record high of $6,200 over the weekend, pushing its market cap to $102.8 billion. Yet, despite this traditional banks remain weary of the market.
U.K. startups working with distributed ledger technology are having problems accessing traditional banking services, according to a report issued last week by the U.K. Financial Conduct Authority.
The financial regulator, which runs a regulatory sandbox to allow new types of companies to test "innovative products, services and business models in a live market environment," reportedly witnessed startups in its fintech testing framework being blocked from opening accounts.
New research has found that a large majority of U.K. companies are adopting fintech (financial technology) applications, helping them save billions each year.
The study was conducted by MarketInvoice who surveyed over 3,000 U.K. businesses between August and September 2017.
The results found that 77 percent of U.K. companies are aware of fintech products and services.