The UK High Court ruled that the stablecoin Tether (USDT) is legally recognized as property under English law on 12 September 2024. The ruling marks the first full trial judgment in the UK on the legal status of crypto, setting a precedent for the treatment of these assets in the region. The case involved a..
The UK government introduced new legislation aimed at clarifying the legal status of cryptocurrencies, non-fungible tokens (NFTs), and carbon credits under domestic law, on 12 September 2024. The proposed Property Bill seeks to define these digital assets as “personal property” and create a specific legal category for them. The legislation proposes the classification of digital..
The UK’s Financial Conduct Authority (FCA) initiated its first-ever legal proceedings against operators of illegal cryptocurrency ATMs. On 10 September 2024, the FCA said in a statement, that Olumide Osunkoya, 45, of London, was running multiple ATMs unlawfully and without FCA registration. Cryptocurrency ATMs have become increasingly popular. Users can insert cash to purchase cryptocurrencies..
Nearly 90% of cryptocurrency firms applying for registration in the United Kingdom over the past year have been turned down by the Financial Conduct Authority (FCA), according to the regulator’s 2024 annual report. The high rejection rate stems from the firms’ failure to meet necessary standards, particularly in areas related to fraud prevention and anti-money..
The world’s oldest insurance market, Lloyd’s of London, revealed that crypto on the Ethereum blockchain can now be used to pay for insurance policies. The partnership between Evertas, a Lloyd’s coverholder, and Nayms, a provider of smart contract insurance made the move possible. “What we’re enabling is for people using public blockchain infrastructure to interact..
The UK’s Financial Conduct Authority (FCA) is being criticised for prolonged delays in processing crypto asset registration applications. Some crypto firms have been waiting for over 753 days for a decision, with many applications ultimately being refused, according to recent data. Hence, concerns have been raised within the industry about the efficiency and transparency of..
The recent survey shows that over 33% of young adults across the UK consider crypto to be a significant electoral issue. With the General Election set for 4 July 2024, a survey has been conducted by Digital-Assets-As-A-Service (DAaaS) platform, Zumo. The survey was done in collaboration with public opinion research company Focaldata. Key Stats In..
The UK’s Financial Conduct Authority (FCA) has greenlit the launch of the country’s first crypto Exchange Traded Products (ETPs) on 22 May 2024, setting the stage for a significant shift in how professional investors can engage with digital assets. Scheduled to list on the London Stock Exchange (LSE) on 28 May 2024, these ETPs represent..
Most countries are on the verge of implementing measures to regulate Bitcoin companies. On one hand, some governments are willing to strictly regulate the companies, whereas others choose a more flexible stance. Over the years, the UK has remained the financial hub of Europe and as it is now, the country seems to be trending the..
