Bitcoin Forum

It no longer news that the U.K has received an assent from King Charles, which approves #Crypto as a regulated financial activity in the country.
It a very great step in the right direction of economic growth and it is far from what the U.S is doing by making crypto seem like an unholy venture despite its user base being larger than that of the U.K.


This is one assurance that crypto currency will soon become legal tender in more countries that look up to, or has been influenced by the U.k.
They will follow suit thus encouraging the adoption and use of cryptocurrency and its services.

What do you think?

https://www.fxstreet.com/cryptocurrencies/news/uk-passes-bill-to-recognize-crypto-as-regulated-financial-activity-boosts-adoption-in-europe- :)

Certainly, this will open broader horizons for service companies specialized in cryptocurrencies, such as stock exchanges and trading platforms, and will allow them to expand their activities, especially those platforms that have recently become in trouble in the United States, and that have certainly lost a large part of their user base.
At the same time, local users will be more vulnerable to losing their privacy since the government will surely impose tracking and verification measures on platforms that will obtain business licenses. I imagine that Binance and Coinbase will seize the opportunity to carve out this market full of users and will therefore offer greater guarantees accordingly to avoid actions similar to what the SEC is currently doing.

Something big is cooking among these institutions of the US and the UK. Because a long ago, the UK has stretched its restrictions on the crypto industry and they also banned most of the BTC ATMs, plus many campaigns have been running there in the past 6 to 9 months. I am observing their behavior/action against crypto from like start of 2023. And one thing I can say for sure is that, Something Big is cooking and everyone wants to share the meal here.

First, it was the USA, which changed its mood about crypto overnight, previous week they are banning exchanges, (which, I can understand why they were doing) suing them, and making them to leave the US market. Then, the next week, they came up with their exchange idea, and many companies applied for BTC EFTs, list is not small of in which ways, crypto is being adopted in the US.

And now the UK is also in the line to share the meal, Well, let's see what happens next after this regulatory news of crypto, will they also come up with their exchange, BTC ATMs, or whatever market they are trying to target to get more control on their citizens.

This is not an assurace of legal tender status for BTC anywhere, i don't know any other crypto that can be used as a legal tender; we are very far away from BTC being a legal tender in a first world country like the U.S. or U.K.. The U.K. have just set a clear framework for crypto, it is accepted but it would be regulated by their government. The regulation will bring more centralized crypto companies to the U.K. but with reduced prvacy for crypto users in the country.

This news may sound great but If you look at it critically you would see that the UK government has this all planned out properly, they are coming from the angle of trying to make crypto-currency to fair and safe. But in the long run this may lead to centralization of crypto-currency in the united kingdom.

Am not against government in crypto but if they have other interest then I would not celebrate over it, some countries like mine had brought out another strategy by creating their own coin but that failed.

worldwide adoption as legal tender is the ultimate and inevitable goal of Bitcoin. It will come sooner or later we just do not know exactly when it will start or if it has already started and what the next steps are going to look like.

Although with the latest news from the UK is definitely one of the bigger signs that something is happening or will happen soon. Look at all the financial institutions, getting ready and filling their bags with Bitcoin. It is no secret that once the SEC admits there is nothing in the way of using Bitcoin as legal tender, the world will basically change the fiat system for the Bitcoin one.

I am however concerned how the UK tends to make bad regulation decisions. Especially regarding crypto.

The monarchy is so unpredictable. The truth surprises me that this is happening in the United Kingdom, knowing how imposing they are for new things and for always wanting to be governed by the traditional, it is something shocking that they are finally advancing towards the modern.

I agree with you, something is definitely influencing the change in the point of view of these two governments, the United States and the United Kingdom, and well, the majority who initially disagreed on using this digital currency. It is not normal for them to radically change their minds overnight, but I wonder what made them make such a hasty decision? I am not saying that it is not good, because it is, they are accepting how great it is to work with bitcoin, but it's a bit weird to be honest. And, on the other hand, it is obvious that everything they do is to be able to have control, the powerful will always want to control everything, and everything to gain more and have the people in their hands.

The thussle is real. Decentralization vs centralization. It is way more than cryptocurrencies or exchanges. It is the bid to control. Like a child willing to go his own way, but the parents can't allow it, even if such child stops bearing its name.

The fear of the unknown is greater than the fear of what is known. Perhaps, if crypto is allowed but regulated, and taxed, the battle on terroristic inclinations and criminality would be reduced seeing no ghosts exist, and a crypto address is no longer an anonymous entity.

Well, this does not end here. i think many other countries will also make some steps in favor of crypto too. I am imagining what if China removes its ban on the crypto industry and accepts it fully but I also know the chances here are too less because they have already using the crypto via their second system of Hong Kong and you must hear many news related to HK.

Just like recently, I heard the news of HBSC bank in HK applying for BTC ETF is being hyped among users by CTs and different Social media outlets. Just to increase the adoption and dominance of BTC.

And coming to the point of why they are in favor of crypto now like the overnight swing of mood. That is what i think is wrong, this was already prepared by them because to successfully make people depend on their products they have to eliminate the existence of their rivals from the market. I hope you understand what I am trying to say (Binance and Coinbase). They might also come up with many statements against BTC too but never utter a word against BTC only talking about six currencies as security. This was already planned by them or maybe i am being too skeptical here. Let's see where this trail will end.

The United States portrait the crypto currency in the negative manner by targeting the Binance and UK supporting the crypto community.This project supports will help to pump market for the certain period of time.When crypto currency was regulated one in United Kingdom,it allow all the UK parters to involve their money in cryptocurrency.So it can used in long run to sell the Big player like the UK.Now most of traders get into the crypto currency traders.

I really do not understand what problem the US has with crypto, despite the fact that they benefit so much from the, I don't get why they are hell bent on painting it in bad light.

What the UK has done now is what the US should be doing, not the other way round.

I'm unsure if the link is accessible to others since I cannot access it from my current location. Moreover, I believe that King Charles' comment alone may not be sufficient if it lacks support from the parliament.

Whatsoever the plan of the UK is I know definitely as of now and for some period we will have a positive change in Bitcoin activity

While tou guys celebrate this development, you should also have it at the back of your mind that this development has nothing to do with Bitcoin and its potential adoption within the UK and I am sure what the government meant by regulation in the cryptocurrency financial market is what there can control e.g CBDC and other stablecoins that can go through regulations and control.

And when it comes to bitcoin status, both UK and the US have almost the same stand as regards to bitcoin, which is to try to subdue bitcoin dominance in the cryptocurrency market by way of introducing CBDCs.

This is a great boost for the adoption of Cryptocurrency.  Since the UK one of the most powerful country had accepted cryptocurrency I believe some country that has close relation with the UK will reevaluate their stance towards cryptocurrency and might consider following the footstep of the UK.  If this happens then we will be seeing a huge boost on the positive sentiment of the market and we might be seeing a better bull market in the future.

I do not expect anything new to happen soon. We still have runaway inflation in Britain, and the government will not facilitate investment methods for citizens in high-risk investments that are not guaranteed. The results could lead them to lose their money and increase discontent against governments, and everything may change in the coming years, especially if it returns. inflation to normal levels.

Simple, they don't have control over it, and they believed that criminals are taking advantage of it, like drug dealers, terrorists and others lawless element. Specially privacy coins, which is their target right now. Perhaps they might even think that tax evaders are also using crypto to hide everything.


Very different set of leadership I believed. Maybe the UK government is very open on crypto as long as their are regulations surrounding it. As compare to the sitting US president and all of it's allies who think that crypto should be eliminated.

The world does not stop to use guns because some criminals use guns. There are black and white areas as well as grey areas too. We must motivate people to use technologies for good purposes, for human peace and prosperity but we can not completely prevent, block bad people to use it for their bad activities like crimes.

We don't stop using fiat currencies because there are people use fiats for money laundering ...

They just changed a lot after the FTX fiasco. They received lof of money ^[1] and did not do necessary steps to protect investors. I mean about SEC and Democrat party.

[1] https://www.washingtonpost.com/business/2022/12/14/sbf-ftx-political-donations/

Source link: Error 404

I won't jump to conclusions about the potential that the crypto industry will develop better there after this approval. It is necessary to see how the new regulatory framework is structured more so in regulating potential or current crypto services. I interpret this as merely increasing oversight, not implying that regulations will be relaxed.

Comparing with the US, I see no difference as crypto activity is also regualted.

Regulation is good as long as it encourages growth & allows an asset & companies involved in it to thrive. Hopefully the UK don’t act like the US with their notorious SEC to stifle bitcoin & companies involved in it. Bitcoin is going to play a huge role in the future of finance so forward thinking, open minded governments can give themselves an advantage by being kind to bitcoin now. Hopefully the UK are going to work with us rather than against us for both theirs & our benefit.

I just confirmed the status of the link I gave, it opens an error page.
This should certainly be an issue from them, because as at the time I made this post, I had link access and even tried it out before posting it here.

The news about the U.k approval of cryptocurrency as a regulated financial activity is legit. If you should use your search engines on your favorite browser, am sure you would get the information I am trying to relate.

It is becoming a trend in more and more countries to embrace cryptocurrencies as a regulated financial activity, but the pros and cons of this still need to be carefully considered to ensure stability and safe for cryptocurrencies. But also considering its challenge compared to the current economy, I can see the problem as the cryptocurrency can experience strong price fluctuations, affecting the use and storage of the price treat. This can cause anxiety among users and make it difficult to use cryptocurrencies as a means of payment. Along with that is the issue that can be used for illegal activities and money laundering due to its anonymity and open access. Regulation and control of cryptocurrencies are important to ensure that the use of cryptocurrencies does not harm the economy and society. Since each country has its own regulations and powers, achieving global uniformity in the approval and regulation of cryptocurrencies is a challenge. Countries need to find a way to work together and create a global crypto-regulatory system.

I think this is the news which we should not be focused on. Have you guys every wondered how every country is reacting in positive and negative ways against the crypto regulations? I mean come on, the same continent was against the crypto and was forming stricter rules or even ban on the crypto sometime back . Similar case with many other countries out there who would first go positive about it and then they again ban the crypto in forthcoming time. So I’m not surprised with what UK is doing. I think every government is little confused about how to manage the crypto and that’s what causing them go nuts about it.

I would prefer to ignore this news because no crypto is fit to become a countries money, it's possible that some crypto projects can turn regulated if they are centralized from scratch like how Electronuem is been used in the U.K by their citizens for means of payment, and paying bills is even possible within the app itself, but where does the main actor (BTc) stand? Since Bitcoin is decentralized I find this regulation of a thing to be impossible for Bitcoin and a few others like Bitcoin.

I think it's better for the SEC to just Approve the ETF because this is the only best move they can unleash to make this regulation stuff hopeful for all crypto space.

A small step in a right direction in which they have opened their minds about regulating cryptocurrencies. Despite the bearish stuff that they are doing in the past like banning Binance by their regulator and other stuff, it seems that they had a possible change of heart by making crypto as a regulated financial activity.

This is good for me so far rather than outright banning it.

Come on guys. The Eton/Oxford banking elite controls Washington, Westminster and the EU. They also control over 60% of the Western world's wealth through the morphed ancient British Empire. The only crypto that will become legal tender will be the one created by the Central Banks, and the WEF has stated that they want this to be the common currency for the US, the UK and the EU. They are currently attemting to destroy the current fiat currencies to help them achieve this end.

When considering crypto, there is Bitcoin and the others. Too many people seem to attempt to use Bitcoin to give validity to the others.

Although it's good that they will not be kicking out crypto permanently like the way US is fighting it, another thing that borders me is the regulations that they are going to be placing on its use in the country. I believe taxation will follow, and it will no longer be private for someone to send a transaction without revealing their true identity, and by doing so, it violates the purpose of Bitcoin's decentralized nature. If there are authorities assigned to monitor individuals transactions, then it's just the same as operating on a centralized system, where there is still the involvement of a third party. It's not nice, though, but I think it's better than permanently banning crypto.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

That's not enough reason to be too critical about it. For the records, terrorist, , drug dealers are also using fiat to commit all sort of atrocities are they are going scotch free.
They should look for ways to see how to ensure that investors funds are secured.

The news is both interesting and welcoming, and the fact that it comes from the United Kingdom gives me more confidence that global acceptance will occur sooner rather than later. The licensing of bitcoin for use as a financial service in the United Kingdom would surely increase the financial use of cryptocurrencies for transactions. I hope the regulations aren't so stringent that it becomes intolerable for the country's crypto users. 


I'm not sure what the US's major justification has been for not legalizing cryptocurrency use all these years. If they are concerned about it being used for criminal conduct, which has been happening before the advent of crypto, they can follow the lead of the United Kingdom and regulate its use.

It's because government wants to have control over it and since they can control Bitcoin, that's why they are doing that. Well, they will surely find another way to take control if not fully control then having a platform that they regulated would still bring them profits just like what the government did where they have regulated the app I am using to buy and sell crypto.

I don't really see how the US changed its stance on cryptocurrencies and blockchain, all they have ever wanted was not to let it be a free industry and give no control to the authorities to keep track of the users' or their financial activities, and they have been doing everything possible to make that happen, these suing of the exchanges is one of the ways they've tried and they must have been planning to launch their exchange before they did all this.

Their aim was probably to push the famous centralized exchanges away from the country and then launch their own exchange so that people within the country use their exchange, and they did it with a proper plan to first make the exchanges look bad and the release their own exchange so that people stop using those exchanges.

I don't know where you got this conspiracy theory from, but it is not true. The U.S. or U.K. government aren't launching a crypto exchange but they want to regulate crypto exchanges and activities, i know the government can name other reasons as to why they want to do it, but i believe it is because they want to have some form of control in an industry that has been very difficult for them to control. Regulations will help the government check activities of centralized exchanges and services, but it still wouldn't give them any chace to control BTC because there can never be a central authority over it.

with the number of articles online where Gensler had resigned, i think it won't be long the real news will come since there are already big names and lawyers stating his supposedly role as regulator.  UK approving crypto is somehow just as Hongkong did. they may just not have approved it all but i think this is the start at least they didn't stifle innovation of payment methods.

i heard the UK government is actually considering the exchanges as betting platforms.

Yes, the UK government did make a good move toward cryptocurrency and I believe is their own way of following the advice provided by the IMF some days ago but for the US, there are some states that recognized crypto. Meanwhile, the major problem now is the US SEC boss and I have the feeling that they are just trying to manipulate the market to cause FUD so that the big fish like BlackRock, and Fidelity can take there share from the market.

The US and the whole of Europe recognized the importance of the crypto market after the time-to-time changes in the Chinese policy related to the market, they don't want to ignore the evolving future market at least from their latest developments it's clear. We should thank China for the massive back-to-back positive changes which brought positivity to the attitude of the whole of Europe toward this market.

As far as other sources go, the only regulated financial activity that the UK is recognizing is crypto trading. It's very far from recognizing cryptocurrencies as legal tender as those two things mean very different entirely. Though at the least, it lays the groundwork to a lot more positive regulations regarding cryptocurrencies that will prove beneficial to the cryptocurrency users in the UK. It will still take a while before we get more countries into accepting cryptocurrencies as legal tender, but for now this is a welcome change.

Regulated financial activity and being a legal tender, are two different things. The UK made crypto investment easier and allowed trading. But I don't think people and businesses can use it as legal tender for goods and services. So I am not very sure about the impact it is going to bring on the crypto market. But I think the UK has taken the right step towards the future because the current step surely paves the way for crypto to become a legal tender in the future. The actual positive impact on cryptos will be seen if it is considered as a legal tender which will encourage a whole new userbase to enter the crypto market.

Cryptocurrencies have advanced with the U.K. The U.K. has made cryptocurrencies and blockchain technology more welcoming by regulating them as financial activities. The FSMB's comprehensive crypto integration plan is well-informed. It illustrates how open supervision, innovation encouragement, and strong consumer protection may benefit society. Its crucial to remember that regulatory attitudes change throughout time. Is it possible? The U.K.'s approach may sway other countries, notably the U.S. Bitcoin and other cryptocurrencies' acceptability and usage are rising. I'm optimistic about the crypto industry's future.

You may be referring to a story a few weeks back where a committe suggested making trading in cryptocurrencies to be considered gambling, suggested in order to protect people from buying into things they know nothing about and losing all their savings on a dud project.

https://www.theguardian.com/technology/2023/may/17/cryptocurrency-trading-in-uk-should-be-regulated-as-form-of-gambling-say-mps?CMP=share_btn_link (https://www.theguardian.com/technology/2023/may/17/cryptocurrency-trading-in-uk-should-be-regulated-as-form-of-gambling-say-mps?CMP=share_btn_link)

This will never pass anywhere close to passing in the UK, not because it is inaccurate and not helpful, but because gambling profits in the UK are "untaxed" ....

While I can agree this is good news for those who seek to have clear rules in the investments related to Bitcoin while living in the United Kingdom, I am skeptical on the impact this will eventually have on the adoption of Bitcoin as legal tender in other countries.

While I cannot deny the influence of countries like the UK have on the global economy, still I think it is rather soon to talk about adoption as legal tender in other territories.

Just my opinion, of course.

The recent decision of United Kingdom to embrace crypto currency industry is undoubtedly a positive development. As UK is an influential country of European  continent with strong economy, this decision of UK will certainly escalate growth and adoption of this emerging industry, build confidence of institutions to make substantial investment and encourage other countries to follow this example. Another encouraging development is the news of Korean parliament is set to pass legislation regarding crypto regulation soon. This another step towards establishing clear framework for crypto currencies.

https://www.coindesk.com/consensus-magazine/2023/01/26/south-korea-national-assembly-crypto-debate-regulations/#:~:text=Non%2Dsecurity%20tokens%20%E2%80%93%20which%20include,are%20enforced%20by%20the%20FSC.

If they really approve of cryptocurrency as a regulated financial activity it would be a great great news. Maybe there is one or two exchange than need to be under government license that need KYC but if this happen it will huge impact rather banning the crypto for no reason.

If UK approve crypto and example Bitcoin ETF this will huge leap since UK is a great country in Europe maybe other country will start following.