EPIC UK CRYPTO CLAMPDOWN 🇬🇧

#Cryptoclampdown #cryptoban #cryptouk #fsma

The UK has taken a proactive approach to regulating cryptoassets, enacting several pieces of legislation in recent years to bring this emerging asset class under the purview of existing financial services regulations. The latest significant development came with the introduction of the Financial Services and Markets Act 2023 (FSMA 2023), which came into force on August 29, 2023. This legislation defines cryptoassets as "fungible tokens" and brings them within the scope of the existing regulatory regime, specifically the FSMA 2000.

Under FSMA 2023, cryptoasset businesses that engage in the "management or arrangement of deals in cryptoassets" or provide "financial promotions" in the UK are subject to the same regulatory requirements as traditional financial services providers. This includes obtaining authorization from the Financial Conduct Authority (FCA), adhering to anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, and providing fair and transparent information to consumers.

In addition to FSMA 2023, the UK has also implemented the Travel Rule, a global standard for cryptoasset transactions. This rule requires cryptoasset businesses to collect, verify, and share information about cryptoasset transfers, making it more difficult for criminals to use cryptoassets for illicit activities. The Travel Rule came into effect for UK businesses on September 1, 2023.

Furthermore, the Economic Crime and Corporate Transparency Bill, which received royal assent in April 2022, introduces new powers for law enforcement agencies to seize and forfeit cryptoassets. This includes the ability to obtain freezing and forfeiture orders for cryptoassets stored with cryptoasset providers.

The UK's approach to cryptoasset regulation is considered to be relatively progressive, balancing the need to protect consumers and prevent financial crime while also fostering innovation in the crypto industry. The government has established a Cryptoassets Task Force to oversee the development of regulatory guidance and engage with industry stakeholders.

Here's a summary of the key takeaways from the latest UK crypto legislation:

Cryptoasset businesses are subject to the same regulatory requirements as traditional financial services providers.

The Travel Rule is mandatory for UK cryptoasset businesses, enhancing transparency in cryptoasset transactions.

Law enforcement agencies have expanded powers to seize and forfeit cryptoassets.

The government is fostering innovation in the crypto industry while safeguarding consumer protection and combating financial crime.

The UK's regulatory approach to cryptoassets is likely to continue to evolve as the industry matures and new technologies emerge. As the UK government seeks to establish a leading position in the global crypto ecosystem, it will need to strike a delicate balance between regulation and innovation, ensuring that the UK remains a hub for crypto innovation while protecting consumers and upholding financial stability.
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UK crypto regulation, Travel Rule, FSMA 2023, FCA, AML, CTF, cryptoasset business, cryptoasset transactions, economic crime, corporate transparency
#ukcryptoregulation, #travelrule, #fsma2023, #fca, #aml, #ctf, #cryptoassetbusiness, #cryptoassettransactions, #economiccrime, #corporatetransparency

.#XRPCommunity #XRPArmy #XRPL

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[mattdoores]

Such a true statement about the UK. I wonder how many people have ruined their lives through betting yet it's completely fine and tax free. Yet Cryptocurrency is vilified.

[danielpilkington]

I'm from the UK and the greed of it's government n the lack of help for hard working people is shocking, taxed beyond comprehension they have basically made it a better option to be on benefits than to actually get a job. The tax threshold is too low at 50k to try make a comfortable future for yourself. N capital gains paid on everything from investments and rental properties they stop u from every angle so I'm not surprised now they are chasing crypto investors. If I make a big profit I will move abroad first before withdrawing and not give this goverment any of it. Greed greed greed. Rich get richer

[AnneFrances-uhmt]

I frequently hear people discussing the returns they earn from investing in Bitcoin and Forex. As a beginner, how can I get started with it?

[neilconway]

I want to leave the uk. We are being screwed

[GeorgiaMoore.]

Great video. We are all seeking for financial independence and a better way of life. This is not difficult to achieve with savvy investing, a frugal lifestyle, and cautious budgeting. I'm glad I learned early on to work hard for financial independence. As Warren Buffet said, he has seen this happen many times in his life. Not an investor, My husband and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $1.7M. We have never sold so much as one share of stock.

[cryptonftdrummer]

And they say UK is going to be crypto hub... What a joke

[philmehrart]

Well said man, not about protecting us but protecting the banks. I saw this now the other day, trying to buy a token on Bybit and being blocked. Absolutely sucks.

[Psilocybiant]

Well the UK misses out. Other countries will take up the slack and the UK government will miss the boat. Mark my words this will be repelled in the future when the powers that be realise they have hamstrung themselves . UK will have to play catch up

[empireneurs]

Very frustrating. Trying to keep the regular person down. Thanks always for your reports.

[paulalbiston]

They don't want us to have as much money as them. Simple .

[simonroberts]

I just purchased Bonk in the UK via Uphold with no issues. They also give a debit card you can link to any coin you might hold. Also a UK bank account so you can bank transfer from your account to one they assign you in your name with no issues.

[wk]

That why VP N and DEX are the future. True crypto should be hold in your own wallet and using decentralised exchanges. That was sole purpose of crypto.

[aaron______________________]

100%! All under the guise of 'protecting the customer' - Interestingly they are happy for you to send your money to gambling websites though... "Yea, that is absolutely fine....!!"

[peachesfruitella]

well done and thanks for calling it out for what it is! 'certainly we are feeling the isolation on this lil island out here..

[jupitereye]

I have stopped listening to media crypto trashing, or government crypto announcements... I just buy, stake, hold. There is no trading for me, just accumulation that will last for years and years. I look at utility, I look at security, potential, and I hold my own keys. Anything else is just a distraction. But it is good to keep an eye on everything that is happening, for that we thank you!

[robertjames]

I respect your work mate.
TA is good but I find it truly baffling that all major crypto youtubers just look at pure T.A and completely Ignore the bigger narrative of why BTC Is pumping and why the future outlook might not be as rosy as it seems.
It's kinda irresponsible to ignore the fact that each ETF launch so far has caused a major pump at the peaks of BTC..
We were already on shaky footing with historically low volume and almost pure whale pumps,
narrowly avoiding a long-term bear market.
more emphasis should be put into day trading as It is less affected by the unpredictable nature of the Market..
I have made over 11btc from day trading with Anthony Charles White, insights and signals in less than 3 weeks,
this is one of the Best medium to backup your assets incase it goes bearish

[danielhancock]

Great video, trading come with a lot of benefits And I have just bought my first house through it. As a beginner I was scared of loosing my savings but I’m glad I took the bold step that is now favoring me.

[melaniekehaya]

Exactly it’s about protecting the banks

[arn]

Started Investing Last Year, Hopefully make enough to get out this country

[agolaymonday]

Yep the last couple rule changes have been really bad, the April plans are another attack 😞 It's making me consider emigrating even more tbh.