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What is the latest news from the cryptocurrency world? We follow all the latest developments and always keep you updated with important developments.
The Financial Conduct Authority, the UK’s financial regulator, has repeatedly warned about the risks facing cryptocurrency investors, saying that all funds are at risk and investors can lose everything. Cryptocurrency trading in the UK is largely unregulated and has no compensation structure.
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Chancellor Jeremy Hunt has announced that the self-assessment tax department will require traders to declare separate profits from cryptocurrency trading separately from other investments from 2024/25.
Currently, cryptocurrency investments are not declared on tax returns. Instead, clients are expected to invest their profits as part of the overall investment.
James Carn, CEO of Evelyn Partners, said: “By adding a new box to the tax return to determine the exact value of crypto assets and losses, HMRC hopes to clearly remind and warn people – that cryptocurrency is treated as ‘investment… income tax. for purposes.”
The first £12,300 from the investment is free from capital gains tax. Anything above that is taxed at 10% for individuals and 20% for taxpayers (the higher rate applies to profits from commercial transactions).
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The annual CGT deduction falls from £12,300 on 6 April 2023 and falls to £3,000 next April.
It will impose a daily limit of £1,000 and a 30-day limit of £5,000 on payments on cryptocurrency exchanges to prevent customers from losing “life-changing cash”.
Crypto is not covered by the Financial Services Compensation Scheme (FCSC), meaning these scammers are not entitled to any help.
Stuart Skinner of NatWest said: “We have seen an increase in fraud using cryptocurrency exchanges and are taking action to protect our customers.
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NatWest’s announcement follows a nationwide move earlier this month to ban its customers from using credit cards for crypto transactions. It introduced a daily limit of £5,000 for cryptocurrency purchases.
Men over 35 are at greater risk of crypto scams as they are more willing to risk money, NatWest says. The bank believes that the housing crisis makes people vulnerable to fraud.
Mr Skinner added: “You should only control your cryptocurrency wallet and no one else should have access. If you didn’t create the wallet yourself or can’t access the money, then x is ‘probably a scam.’
The head of the Bank of England told MPs yesterday that the “digital pound” could be five years away.
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The Treasury has been consulting and working with the Bank on the Central Bank digital currency (CBDC) issue for several months.
Yesterday, the Treasury Select Committee of MPs met Sir Jon Cunliffe, the Bank of England’s Deputy Governor for Financial Stability, to hear the latest developments.
A CBDC is a currency issued and managed by a central bank such as the Bank of England. But instead of physical money (paper and coins), they are in digital (or electronic) form.
All transactions using this digital currency are also recorded digitally – as in an encrypted database.
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Asked if the bank had the technical competence to create a CBDC, Sir Jon said no, but he hoped it would when the digital pound case was proven. It will also involve working with companies to build and test prototypes, he said.
The CBDC was criticized as a solution looking for a problem and the committee questioned the Deputy Governor on his rationale for creating the problem. Sir Jon explained that CBDC could solve problems that don’t exist yet, but that’s to be expected based on the forward trajectory of cryptocurrency exchanges.
He pointed out that the Apple iPhone is used with 15 applications that people can use to work with other devices, creating a market for other applications.
Giving an example of how CBDC could be used, Sir Jon said consumers could make “microtransactions” – small payments for things like individual articles instead of paying for the entire subscription.
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The Financial Conduct Authority (FCA), which regulates financial products and services in the UK, is investigating reports of suspicious cryptocurrency ‘cashpoints’.
An investigation by the regulator in conjunction with West Yorkshire Police found a number of machines in Leeds that allowed users to exchange regular currency for crypto-assets.
Detective Sergeant Lindsey Brant, of West Yorkshire Police’s Cyber Squad, said: “Warning letters have been issued asking staff to cease and desist from using the machine and any breach will trigger an investigation under the Money Laundering Act.”
Although the UK cryptocurrency market is unregulated, cryptocurrency exchanges, including ATM operators, must register with the FCA and comply with UK money laundering laws.
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Regulators have previously warned crypto ATM operators to shut down their machines or face protection. The FCA is considering further enforcement action based on the evidence gathered in Leeds.
The government is currently considering plans to bring cryptocurrency markets under the same legal framework that protects consumers of traditional financial services.
The Government and the Bank of England have opened a consultation on the creation of the Central Bank of Great Britain’s (CBDC) digital currency – the digital pound – by 2030.
The Treasury said it would be used to fund and build a government wall against potential competitors from the technology sector.
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The plan is for the UK’s CBDC, issued by the Bank of England and held in mobile wallets, to be convertible into cash and bank deposits so that “homes and businesses can use it”.
Unlike crypto-assets and stablecoins, the Bank of England is not a private company that issues the digital pound. “This means that, unlike unregulated crypto-assets, it will have an essential and immutable value that will have a central authority to back it up,” the Treasury said.
Despite the recent increase in the use of coins and paper money, illness costs are falling as people manage their budgets more carefully due to the cost of living problem.
With the currency in a prolonged slump, government ministers and bank officials believe there could be more interest in government-backed digital currencies.
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Government officials believe the local digital currency will allow the Bank to control the core of the UK’s financial system and prevent other institutions from making payments on a closed network.
The Treasury says a decision on whether to proceed with the digital pound will not be made for at least two years. Advice from the Treasury and the Bank of England will allow research and development to continue, asking people to give their views.
If given the green light, the first phase in which the digital currency could be issued would be in the second half of this decade.
Countries around the world, including the United States, China and countries in the Eurozone, are considering this step.
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Jeremy Hunt, MP, Chancellor of the Exchequer, said: “While the money is here to stay, the digital pound, backed by the Bank of England, could be a new payment method that is safe, easy and easy to use. That’s why we need to first analyze what’s possible, because we always have financial we ensure that we maintain stability.”
Bank of England Governor Andrew Bailey said: “Like the rest of the world