Here is what UK’s AI development review tells us
The United Kingdom (UK) is taking a closer look at the development of artificial intelligence (AI), particularly foundation models, to better understand the potential opportunities and challenges they bring. The Competition and Markets Authority (CMA) has launched a review to assess the competitive landscape and consumer protection aspects of AI foundation models, seeking to establish […]
UK IPO sets the standard for NFT trademark classification
The United Kingdom Intellectual Property Office (UK IPO) has recently issued a Practice Amendment Notice (PAN) to clarify the classification of non-fungible tokens (NFTs) and related goods and services in trademark applications. This move is in response to the growing number of applications and requests for guidance on the matter, as NFTs continue to gain […]
UK government invests heavily in AI ethics – Details
The UK government has recently announced a significant investment in artificial intelligence (AI) ethics, with the Prime Minister and Technology Secretary unveiling a £100 million initiative to support the development and implementation of safe and reliable foundation models in AI. This investment aims to bolster the UK’s position as a global science and technology superpower […]
UK financial watchdog comes to the rescue of homeowners
The UK’s Financial Conduct Authority (FCA) is proposing changes that aim to reduce the cost of insuring residential apartment blocks and ensure fair practices in the market. This move comes in response to concerns over the wrongful use of commissions, particularly following the tragic Grenfell Tower fire in 2017, which led to significant increases in […]
U.K. to roll out crypto regulation in the next 12 months
The United Kingdom is gearing up to roll out comprehensive digital asset regulations within the next 12 months, according to Andrew Griffith, the economic secretary to the U.K. Treasury. In a recent interview, he emphasized the country’s desire to capitalize on the benefits of blockchain technology for the private sector and the overall economy. A […]
U.S. Secretary of State Blinken voices allies’ concerns on Sudan
As the violence in Sudan escalates, U.S. Secretary of State Antony Blinken has expressed the deep concern shared by allies at the G7 Foreign Ministers meeting in Japan. With the situation in Sudan becoming increasingly precarious, Blinken and other international leaders are urging for an immediate ceasefire and a return to talks in order to […]
UK tax forms now have separate section for crypto investments
The United Kingdom has taken another step towards the regulation of cryptocurrencies by introducing a separate section for crypto assets in tax return forms. The move comes as part of the country’s comprehensive crypto framework, which is gradually being developed. The category for crypto assets is expected to appear in tax forms in 2024-25. UK’s […]
UK Minister says digital pound will modernize payments, but adds a twist
The United Kingdom is set to embark on a new era of payment modernization with the introduction of a digital pound. The Bank of England and the UK Treasury are about to launch a joint consultation paper on central bank digital currencies (CBDCs) and are seeking feedback on the possibility of introducing a digital currency. […]
Britain’s first crypto rules will establish rigorous benchmarks
According to a recent consultation paper, the United Kingdom’s His Majesty’s Treasury intends to implement stringent rules for crypto assets. This comes after the failure of the cryptocurrency exchange FTX in 2022, which resulted in millions of individuals incurring losses of billions of dollars. What the crypto regulations entail The United Kingdom, on the 31st […]
Binance CEO and staff allegedly plotted to avoid U.S. and UK regulations
Reuters conducted an investigation into Binance and its CEO, Changpeng Zhao “CZ”, and it appears that they have discovered how the CEO and his employees conspired to avoid regulators in the United States and the United Kingdom. The United States Department of Justice began looking into the exchange for money laundering in 2018. It was […]
UK courts allow NFTs documents as evidence
The High Court of England and Wales recently enabled the delivery of court documents via NFT using the Blockchain network. This measure was taken for the trial “D’Aloja v. Binance” to give privacy to the documents. The United Kingdom authorities would accept these documents, making it the second court in the world that accepts this […]
UK online bank Revolut begins crypto education for users
UK police fail to see $3 million fraud as a crime
Lyfecoin scam costs $3 million Police dismiss case, cite insufficient evidence UK police have stirred controversy today after ruling that no crime was committed in an alleged case of fraud. Investors estimate that the scam has cost them approximately three million dollars. Last Tuesday, the British newspaper Metro published an expose about a cryptocurrency start-up […]
United Kingdom set to legalize stablecoins
The United Kingdom is now seriously considering the regulation of stablecoins for use in the country. According to a Department of Treasury report, there are high chances that the digital assets would be regulated and be adopted as a legal tender in the country. Although the move has seen positive green lights from crypto enthusiasts […]
Stablecoins have the Queen’s approval in England, while the crypto landscape is on a bearish streak
Prince Charles recently spoke about various legislative policies and using stablecoins. It is the first time that the kingdom in England has come so close to the crypto-market, which for many fans of virtual commerce, the highest authority gives its blessing to the technology. Prince Charles, who replaced Queen Elizabeth for health reasons, spoke about […]
The UK government policy agenda targets crypto for its safe adoption
The United Kingdom (UK) has tabled two legislation dealing with the confiscation and support of cryptocurrencies. The law will govern the cryptocurrency business and ensure that regulators can recover ransomware proceeds. This was a clear message from Prince Charles at the State Opening of the UK Parliament. According to a Tuesday published from the Prime […]
UK government tables stablecoin regulation discussions
TL;DR Breakdown • National Secretary believes it is time for the crypto trade to move forward.• Major agents in the UK government could regulate the Euro stablecoin. Recently the leading authority in the UK government discussed the regulation of the crypto market’s stablecoins. According to reports, the secretary of the treasury announced that stablecoins like […]
Cybersecurity platform GK8 expands footprint in the US, UK, posts 1,000% growth in revenue
TL;DR Breakdown GK8 coups more clients, expands its network in UK, US. Firm fighting hackers plaguing threats to crypto with cybersecurity products. Top cybersecurity firm, GK8 has announced the expansion of its network and product after onboarding four new clients, with its solution set to power the digital asset services of SolidBlock, a real estate […]
FCA might block Binance’s Bitfinity from operating in UK
TL;DR Breakdown Binance plans to launch a new payment technology company, Bifinity. The FCA may block the launch due to concerns around investor protection. Binance, one of the world’s largest cryptocurrency exchanges, plans to launch a new payment company called Bifinity. However, the financial regulator of the United Kingdom, the Financial Conduct Authority (FCA), might […]
UK FCA to regulate misleading crypto ads
TL;DR Breakdown • Regulators in the UK believe that crypto advertising could be misleading.• Spain and Singapore do not tolerate misleading crypto promotions. The beginning of 2022 has come with more strongly felt crackdowns on cryptocurrencies, and more so in countries like the UK. Recently the regulatory authority decided to join countries like Spain, India, […]
London has a record 40,000 cryptocurrency adverts
TL;DR Breakdown There were almost 40,000 crypto ads displayed around London in 2021. TFL and several politicians are urging the city’s mayor to regulate such adverts. There are growing concerns about trader manipulation and potential scams. It’s almost impossible to go around London and not come across a cryptocurrency advertisement these days. Last year, London’s […]
England to watch crypto space more closely with increasing institutional adoption – Official
TL;DR Breakdown Bank of England wants International Corporation to monitor cryptocurrencies. England also working on tightening crypto regulation within the country. Financial Stability Board working on crypto regulatory framework for years now. The Bank of England is set to prepare stricter rules to regulate cryptocurrencies as banks and other institutional investors continue to deepen their […]
Crypto assets a danger to the financial market – Bank of England
TL;DR Breakdown • Bank of England believes that cryptocurrencies could unbalance the financial market.• At least two million citizens in England trade in crypto assets. The BoE, better known as the Bank of England, spoke about using crypto assets and their problems to the traditional financial market. Since the middle of the year, the Bank […]
UK FCA adds new recruit to crack down further on crypto
TL;DR Breakdown UK FCA recruits team of BTC expert to train its employee on crypto crackdown. Regulators previously crackdown on Binance exchange. FCA budgets $15m for advocacy for young investors against crypto ads. Crypto regulators in the United Kingdom, the Financial Conduct Authority (UK FCA), reportedly have buckled down to intensify crackdown on illegal crypto […]
Floki Inu is under scrutiny following public transport Ads
TL;DR Breakdown Floki Inu is now in the limelight following suspicious campaigns. The UK’s Advertising agency is cautioning crypto campaigners to stop misleading people. Floki Inu has been placed under investigation by the UK’s Advertising Standards Authority (ASA). This follows commercials put on community transport in London titled “Missed Doge? Get Floki. The commercials have been placed on […]
Bank of England calls crypto a threat to financial stability
TL;DR Breakdown Bank of England says crypto are a threat. Executive says no need to worry about stablecoins. Calls on policymakers to pursue crypto regulation. Sir Jon Cunliffe, a deputy governor at the Bank of England has pointed series of red flags about cryptocurrencies as he described it as a threat to financial stability. The […]
Crypterium is ready for all-inclusive operations after getting registered by UK FCA
TL; DR Breakdown Crypterium gets the green light after months of scrutiny. FCA has set strict measures for crypto asset companies that want to operate within the UK. Crypterium has announced that it is now among the few firms registered by the regulatory authority, FCA. The British company offers a crypto wallet app and has […]
Kim Kardashian crypto instagram post attracts concern from UK watchdog
TL;DR Breakdown • FCA chairman says these cryptocurrency promotions can drive scams.• Kim did nothing illegal because she admits in the post that it is a paid advertisement. Kim Kardashian never stops being a trend, even in the cryptocurrency market. Recently, the head of the financial control agency in the United Kingdom spoke about an […]
Binance complies with UK regulatory requirements, FCA declares
TL;DR Breakdown: Binance has now complied with FCA to conduct regulated services in the country. FCA warned in June that the exchange doesn’t have any permit to offer such services. This eventually resulted in deposit and withdrawal hurdles as banks cut ties with the exchange. After facing intense scrutiny from the UK financial regulator, the […]
PayPal enables crypto access for UK users
TL;DR Breakdown Paypal expand crypto service to UK. Firm to foray into DeFi soon. Global finance firm, PayPal, less than one year after its foray into the crypto space has begun expanding its crypto service. The firm has enabled UK users to access crypto services that were previously exclusive to US users. In an announcement […]
Binance crackdown continues as Hong Kong says it is unlicensed
TL;DR Breakdown Binance crackdown continues as Hong Kong says it is unlicensed to operate in the city Hong Kong came after Binance specifically because of its stock token product Changpeng Zao plays down clampdown on Binance In another Binance crackdown, Hong Kong SFC announced on Friday that the exchange is not licensed or authorized to […]
UK to begin campaign warning people against crypto investment
TL;DR Breakdown UK FCA ready to spend $15m on campaign against crypto investment Rise in number of young people who have crypto investment worrisome to the FCA UK reminds residents that they should be prepared to lose all their stake when investing in crypto The Financial Conduct Authority (FCA) regulating cryptocurrency activities in the UK […]
Crypto adoption bolsters as more UK residents show interest
TL;DR Breakdown More UK residents express interest in investing in crypto Boost in crypto adoption, part of reasons why more people want to stake on crypto New crypto investors should watch for easy to use crypto apps during early days Crypto adoption has gained a massive boost again in the United Kingdom as another survey […]
Gemini exchange plans to use regulatory turbulence to overtake Binance
TL;DR Breakdown Multiple exchange firms plan to overrun Binance through regulatory compliance Binance under fire from many regulators after FCA called it illegal in UK Top American crypto trading platform Gemini Exchange has revealed plans to take over Binance as number one crypto exchange through regulatory compliance. This is in the wake of many clampdowns […]
More woes for Binance exchange as UK partner cut ties
TL;DR Breakdown Another ally of Binance cut ties with exchange firm Several regulators across the world after Binance head Binance play down crackdown, calls it FUD Binance exchange has again taken another blow after its major payment partner, Clear Junction, announced they would be suspending both pound and euro payments with the exchange firm. The […]
More regulatory woes hit Binance exchange in Europe
TL;DR Breakdown Binance halts bank transfer for euro Binance and continuous crackdown it faces Binance exchange has been forced to face more horrors in Europe after its recent debacle with authorities in the United Kingdom. Most recently, the largest and number one crypto exchange (Binance exchange), owing to regulatory constraints in Europe, has been forced […]
UK records mass exit of crypto firms after Binance ban
TL;DR Breakdown Crypto exchange firms halt license application in UK Why firms want to exit UK Several crypto firms are set to pull out of the United Kingdom. These firms have withdrawn their applications to register with the UK’s Financial Conduct Authority (FCA). Reuters report on Tuesday that crypto firms in the Uk that have […]
ETH bullish, UK parliament member mentions the “flippening”
TL;DR Breakdown Tom Tugendhat wants more financial innovations in the UK Tugendhat more interested in ETH over BTC. Tom Tugendhat has been in the United Kingdom Government for more than five years. The member of parliament has urged UK citizens to put more of their energy into financial innovations. He finds the growth in the […]
CBDC: UK is set to explore a digital pound
TL;DR Breakdown The UK government is set to research a potential CBDC, together with the Bank of England. An exploratory taskforce for CBDC is being launched between BoW and the UK Treasury. The United Kingdom has become the latest developed nation to announce interest in exploring a potential central bank digital currency, which might be […]
Survey: 30% of UK investors feel they ‘missed the boat’ on Bitcoin
TL;DR Breakdown Some UK investors feel they’ve missed the Bitcoin boat. About 25 percent of 2,000 investors surveyed said they would have made over $1.4 million from Bitcoin in 2020. The largest cryptocurrency, Bitcoin (BTC), has seen a significant surge in market value over the past year, and some UK investors don’t plan to invest […]
