UK sets out plans to regulate crypto and protect consumers

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Individuals are labile to pay for the typical gains and losses that are taxed under capital gains and other activities pursued by individuals such as mining, staking, and more. Conversely, businesses are liable to pay for capital gains, corporation tax, income tax, national insurance contributions, stamp duty, and value-added tax. The watchdog’s international guidelines will help create ‘a level playing field between crypto assets and traditional financial markets’, it said. The most immediately relevant provisions from the Act for cryptocurrency developers, though, are aforementioned changes which https://xcritical.com/ bring cryptocurrency marketing fully under the existing financial promotions regime. Generally speaking, in the U.K., one is not allowed to “communicate an invitation or inducement to engage in investment activity” in the course of business to a prospective customer unless conducted or approved via a regulated entity, or an exemption applies. Earlier this month, the U.K.’s financial conduct regulator, the Financial Conduct Authority, or FCA, announced new, near-final proposed rules, following recently-enacted secondary legislation, on financial promotion of crypto-assets within the country.

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