U.k Approves Cryptocurrency As A Regulated financial Activity.

[Cryptomultiplier]

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.

The FSMB will also lay the groundwork for the advancement of the blockchain sector in addition to establishing the following:

Enhances the scrutiny of the financial services regulators to ensure clear accountability, appropriate democratic input, and transparent oversight.
Removes unnecessary restrictions on wholesale markets – implementing the key outcomes of the Wholesale Markets Review.
Protects free access to cash in law and introduces crucial protections for victims of Authorised Push Payment scams.
Enables the regulation of crypto assets to support their safe adoption in the UK.
Establishes ‘sandboxes’ that can facilitate the use of new technologies, such as blockchain, in financial markets.

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-

[coupable]

What do you think?

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.

[Faisal2202]

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.

[Z-tight]

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.

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.

[BIT-BENDER]

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.

[goldkingcoiner]

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.

The FSMB will also lay the groundwork for the advancement of the blockchain sector in addition to establishing the following:

Enhances the scrutiny of the financial services regulators to ensure clear accountability, appropriate democratic input, and transparent oversight.
Removes unnecessary restrictions on wholesale markets – implementing the key outcomes of the Wholesale Markets Review.
Protects free access to cash in law and introduces crucial protections for victims of Authorised Push Payment scams.
Enables the regulation of crypto assets to support their safe adoption in the UK.
Establishes ‘sandboxes’ that can facilitate the use of new technologies, such as blockchain, in financial markets.

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-

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.

[Wimex]

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.

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.

[Cryptomultiplier]

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.

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 privacy for crypto users in the country.

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.

[Faisal2202]

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.

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.

[usekevin]

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.

[Victorik]

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.

[ololajulo]

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

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.

[hannahB4]

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

[Wiwo]

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.

[serjent05]

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.

[Husires]

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.

[TravelMug]

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.

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.

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

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.

[dzungmobile]

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.

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 ...

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.

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/

[rat03gopoh]

What do you think?

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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.

[DeathAngel]

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.