01 Feb 2023

UK Treasury publishes crypto framework paper: Here’s what’s inside

His Majesty’s Treasury published a long-anticipated consultation paper for the United Kingdom’s upcoming crypto regulation. The extensive 80-page document covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens (NFTs) and initial coin offerings (ICOs). As stated by the Treasury, the proposals seek to place the

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11 Jan 2023

Cryptocurrency: UK Treasury considers plan for digital pound

The government is considering introducing a national cryptocurrency or “digital pound”, the economic secretary to the Treasury has told MPs. The UK was committed to becoming a world crypto hub, Andrew Griffith said. And the government was “a long way down the road… to establish a regime for the wholesale use, for

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12 Dec 2022

Bank of England opens applications for ‘proof of concept’ CBDC wallet

The Bank of England (BOE) is seeking a “proof of concept” for a wallet that will be able to hold a central bank digital currency (CBDC). On Dec. 9, the BOE posted a request for applications on the United Kingdom government’s Digital Marketplace, a service where government organizations can solicit work

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06 Dec 2022

UK finalises plans for regulation of ‘wild west’ crypto sector

The Treasury is finalising plans for a package of sweeping rules to regulate the cryptocurrency industry, including limits on foreign companies selling into the UK, provisions for how to deal with the collapse of companies and restrictions on the advertising of products. Ministers will shortly launch a consultation on the

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28 Nov 2022

UK Lawmakers Approve Rules to Ease Seizure of Terror-Linked Crypto

With terror attacks tied to cryptocurrency projected to quadruple, the U.K. has approved new rules making it easier for law enforcement to seize crypto connected to terrorists. As Coin Desk reported recently, the rules were proposed as amendments to the Economic Crime and Corporate Transparency bill. “This addresses a gap in current

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07 Nov 2022

UK Bank Santander Will Block Payments to Crypto Exchanges

UK bank Santander is set to block real-time payments to crypto exchanges next year. According to an email to customers first reported by Reuters, the move is intended to protect consumers from scams. Santander has not said when in 2023 the change will take effect. In the short term, the

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06 Sep 2022

UK forces crypto exchanges to report suspected sanction breaches

Crypto exchanges must report suspected sanctions breaches to UK authorities under new rules brought in amid concerns that bitcoin and other cryptoassets are being used to dodge restrictions imposed in response to Russia’s invasion of Ukraine. Official guidance was updated on 30 August to explicitly include “cryptoassets” among those that must

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19 Aug 2022

Law Commission proposes revolutionary rules for ownership of crypto tokens and NFTs

There is a major earthquake happening in the sphere of digital assets, which is expected to create shockwaves that will impact tech not only in the real world but also in the metaverse. These potentially revolutionary changes appear in an innocuous-looking, if lengthy, consultation paper titled “Digital Assets: Consultation paper,” published

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01 Feb 2022

UK Seeks Its Place to Shape Global Standards in Artificial Intelligence

The U.K. government has launched a new AI Standard Hub as part of its National AI Strategy that will aim to increase the U.K. contribution to the development of global AI technical standards. The new AI Standard Hub will create practical tools for businesses to develop AI systems, bring together

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28 Dec 2021

Smart Contracts – Recognising and Addressing the Risks

Smart contracts, where some or all of the contractual obligations are defined in and/or performed automatically by a computer program, are expected to have a significant impact on the way business is done. Whilst already being deployed for relatively straightforward transactions, such as facilitating transfers on cryptocurrency exchanges, with the

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