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Author Topic: First "regulated" bitcoin exchange to be in the UK?  (Read 1525 times)
notig
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May 14, 2013, 02:35:32 AM
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Also under consideration was the idea of creating a regulated exchange, which would be the world’s first.

http://www.ft.com/intl/cms/s/0/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2TEEOFhLG

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misterbigg
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May 14, 2013, 02:58:27 AM
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Paywall...


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ragmondo
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May 14, 2013, 08:35:55 AM
 #3

Not strictly a pay-wall but a "register wall" ...

I think they are thinking "well if you can't beat 'em, join 'em"..

I just hope they don't enforce the white listing of bitcoin addresses though ( ie transactions must be to another registered address only or it will be classed as potentially fraudulent).
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May 14, 2013, 08:55:56 AM
 #4

Not strictly a pay-wall but a "register wall" ...

I think they are thinking "well if you can't beat 'em, join 'em"..

I just hope they don't enforce the white listing of bitcoin addresses though ( ie transactions must be to another registered address only or it will be classed as potentially fraudulent).
And what if they do?  People will just use other exchanges.

Quote from: FT
In recent weeks businesses using bitcoin in the US and Canada have had their bank accounts shut down, pointing to nervousness by the banks about the rise of the digital currency.
No shit.
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May 14, 2013, 09:10:01 AM
 #5

Quote
Also under consideration was the idea of creating a regulated exchange, which would be the world’s first.

http://www.ft.com/intl/cms/s/0/42ca6762-bbfc-11e2-82df-00144feab7de.html#axzz2TEEOFhLG



Quote from: misterbigg=topic=204542.msg2138047#msg2138047 date=1368498932
paywall...

Use this link:
http://classic.cnbc.com/id/100732720

And if that does not work search for "Taxmen, police and spies look at bitcoin threat" on Bing and press the first result which should be from ft.

You are welcome.

Sword Smith
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May 14, 2013, 09:23:16 AM
 #6

Quote from: ft.com
The tax system already deals with transactions in currencies other than sterling,” the department said. “Any such transaction will be potentially taxable.”

Also under consideration was the idea of creating a regulated exchange, which would be the world’s first. Such an entity would go some way to addressing concerns about criminality by requiring users to provide proof of identity. An unregulated exchange was set up in London in 2011 but closed a year later after its bank account was shut down. (...)

Civil servants will now prepare two reports for ministers on their conclusions: one public and one private. (...)

As a payments system, bitcoin’s attraction is that users can make transfer money directly to each other, thus avoiding middlemen and making the cost of making transactions virtually nil. In recent weeks businesses using bitcoin in the US and Canada have had their bank accounts shut down, pointing to nervousness by the banks about the rise of the digital currency.


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May 14, 2013, 09:26:16 AM
 #7

I just hope they don't enforce the white listing of bitcoin addresses though ( ie transactions must be to another registered address only or it will be classed as potentially fraudulent).

What if they do? As long as they let you withdraw bitcoins to some address, you can send those coins elsewhere and there's nothing an exchange can do about it.

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May 14, 2013, 09:33:51 AM
 #8

Please stop posting links to these crappy sites that ask you for money or put up splash screens demanding you register, the way to beat these people is to never visit their sites or use adblock.
runam0k
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May 14, 2013, 09:47:31 AM
 #9

Please stop posting links to these crappy sites that ask you for money or put up splash screens demanding you register, the way to beat these people is to never visit their sites read the interesting content they provide
Fixed.

The FT is well worth the one time registration IMO.
muyuu
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May 14, 2013, 10:04:33 AM
 #10

http://classic.cnbc.com/id/100732720

Quote
Bitcoin has come onto the radar of the UK government, with officials gathering in London on Monday to discuss the security threats and tax concerns posed by the digital currency.

About 50 civil servants from HM Revenue and Customs, the Serious Organised Crime Agency, Home Office and GCHQ - the intelligence listening service - held a one-day conference which examined how bitcoin works and how criminals might seek to exploit the electronic cash system, which is currently unregulated by any financial authority.

The meeting, entitled The Future of Money, focused on the implications that widespread adoption of the currency might have. As bitcoin users are anonymous, authorities worry that it could be used for purposes such as money laundering, and that transactions between individuals fall outside boundaries of tax collection.

The Revenue said that its attendance at the conference had been to further its understanding of "current tax-related issues" and that it was monitoring the development of the bitcoin market. "The tax system already deals with transactions in currencies other than sterling," the department said. "Any such transaction will be potentially taxable."

Also under consideration was the idea of creating a regulated exchange, which would be the world's first. Such an entity would go some way to addressing concerns about criminality by requiring users to provide proof of identity. An unregulated exchange was set up in London in 2011 but closed a year later after its bank account was shut down.

The Future of Money conference, which included presentations on how the cryptocurrency works, was organised by the government's Foresight Horizon Scanning Centre, an arm of the Department for Business, Innovation and Skills which develops innovative, long-term policy. Although unofficial meetings have been held previously, this was the first official meeting of civil servants held to discuss bitcoin. No government ministers were present.

Michael Parsons, a banking management consultant and chartered accountant who presented at the event, said: "There were a lot of questions. Everyone was very receptive and keen to learn more."

GCHQ confirmed that it had sent staff to the conference in the interests of its role in helping to deliver cyber security.

Civil servants will now prepare two reports for ministers on their conclusions: one public and one private.

Quote
The decision to examine bitcoin follows similar moves by authorities in the US. The Commodity Futures Trading Commission, a US financial regulator, said last week that they were exploring how they might regulate bitcoin and protect markets and consumers. Last year the European Central Bank produced a report on virtual currencies, highlighting the challenge they pose in extending oversight and their threat central bank control of the financial system. As well as attracting investors, bitcoin's advocates include technology fans and libertarians who champion its decentralised nature.

The price of bitcoins soared last month, as speculators rushed to invest. It then fell sharply, partly due to hacking attacks at exchanges such as MTGox and on users' online wallets, which undermined confidence in the four-year-old currency.

The price has stabilised at about $110 and the present market capitalisation of the bitcoin economy is estimated at $1,250m.

As a payments system, bitcoin's attraction is that users can make transfer money directly to each other, thus avoiding middlemen and making the cost of making transactions virtually nil. In recent weeks businesses using bitcoin in the US and Canada have had their bank accounts shut down, pointing to nervousness by the banks about the rise of the digital currency.

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evilscoop
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May 14, 2013, 10:06:11 AM
 #11

I thought crypto.pm was aiming to be first regulated btc exchange in the uk

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May 14, 2013, 11:17:55 AM
 #12

I thought crypto.pm was aiming to be first regulated btc exchange in the uk

We're trying, but not sure if we could get in to a pissing contest with the government on that front :V.

https://crypto.pm/ -- public cryptocurrency exchange currently in testing.

https://escrow.pm/ -- fee free automated escrow.
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May 14, 2013, 03:10:37 PM
 #13

Not strictly a pay-wall but a "register wall" ...

I think they are thinking "well if you can't beat 'em, join 'em"..

I just hope they don't enforce the white listing of bitcoin addresses though ( ie transactions must be to another registered address only or it will be classed as potentially fraudulent).
And what if they do?  People will just use other exchanges.

Quote from: FT
In recent weeks businesses using bitcoin in the US and Canada have had their bank accounts shut down, pointing to nervousness by the banks about the rise of the digital currency.
No shit.

Re. white-listing, I think it could be far more serious for Bitcoin.

From the "Do we want to work with money regulators, or keep Bitcoin unregulated?" thread

https://bitcointalk.org/index.php?topic=192924.msg2002839#msg2002839

Bitcoin will remain unregulated.  It doesnt matter if people in the community want it regulated or if government(s) want it regulated.  Bitcoin, by nature, is unregulated.  They cannot seize your btc unless under duress, etc.  You are your own bank.

Until the devs fork it and say: "Here is the regulated Bitcoin 2.0 which will be worth 10000USD because of big company involvement, if you don't want use it then use the unregulated Bitcoin 1.0 for illegal activities which will be worth about 2USD."

Looking at the majority of people involved in Bitcoin i'd place my money on that everybody would go for 2.0. Of course, the Bitcoin Foundation together with other large companies (paypal, banks etc), will make a plan to slowly manipulate us into believing that a regulated Bitcoin will be much better for everyone. If you ask me, it has already begun.


As I have said before, I believe that Bitcoin was started not just by an idealist with an honorable vision but by government Us/UK or both, hopelessly in debt and at the mercy of corrupt financial institutions. Bitcoin or a variant of, if regulated would help government get back on track financially, indeed if all those untouched early mined coins were held by govt. they have a substantial reserve as the price rises. 
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