UK Lawmakers Vote To Recognize Crypto as Regulated Financial Instruments (coindesk.com) 23
Lawmakers in the U.K. voted in favor of recognizing crypto assets as regulated financial instruments and products in the country on Tuesday. From a report: The House of Commons, the Parliament's lower house, met on Tuesday for a line-by-line reading of the proposed Financial Services and Markets Bill, which broadly covers the U.K.'s post-Brexit economic strategy. The lawmakers considered a list of proposed amendments to the bill, including one put forward by parliamentarian Andrew Griffith to include crypto assets in the scope of regulated financial services in the country.
The draft bill already included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies pegged to the value of other assets like the U.S. dollar or gold. "The substance here is to treat them [crypto] like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time," Griffith, the financial services and city minister, said during the parliamentary meeting before lawmakers voted largely in favor of keeping the amendment in the legislative package.
The draft bill already included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies pegged to the value of other assets like the U.S. dollar or gold. "The substance here is to treat them [crypto] like other forms of financial assets and not to prefer them, but also to bring them within the scope of regulation for the first time," Griffith, the financial services and city minister, said during the parliamentary meeting before lawmakers voted largely in favor of keeping the amendment in the legislative package.
The ship sinks (Score:1)
Anything to make a buck to save the economy of Brexit Britain.
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Anything to make a buck to save the economy of Brexit Britain.
I wonder what Japan is doing to save the economy of Brexit Japan. Or what the Netherlands is doing to save the economy of Brexit Netherlands etc. etc.
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I think you misunderstand the decision. This is intended to _kill_ crapcoins. No crapcoin peddler can deliver what the regulators will require and that means they will have to shut down.
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I think you misunderstand the decision. This is intended to _kill_ crapcoins. No crapcoin peddler can deliver what the regulators will require and that means they will have to shut down.
Sure, so long as they're not operating via an offshore web site.
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That would then be a case of "illegally offering financial services". May get the people involved extradited or not.
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They sure are trying. But this will never fly in the EU. And that may well mean any bank or financial service provider touching these will have problems doing any EU business. Well, we will see. I view the whole crypto-currency stuff by now as a benchmark how stupid people and organizations can be, and how much greed destroys reason in people.
Also, lets see how long the current cretin can keep the PM office in the UK.
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The idea is to cut down on power usage by making crypto quite unattractive.
Re:So he people who gave us Brexit, Boris and Trus (Score:4, Informative)
Nope. They want to _regulate_ cryptocurrencies. That is not support. That is an attempt to kill them. Because as soon as they get regulated, anybody handling them commercially gets regulated too. That means record-keeping, auditing requirements, requirements to reliably identify customers, etc. And that will likely be a death-sentence to them because they cannot do it.
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Worse if they can be declared a commodity wants then there's a good chance that after we start treating him like a security following the inevitable economic crash crypto w
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It said "financial instrument". That would mean organizations handling it would get regulated as providers of financial services. That bar is lower than that for a banking license, but still be pretty high.
I have to admit that I was not even aware of regulation for organizations handling commodities, except for special cases like some medical products. Organizations handling commodities are generally only subject to the respective laws. Different in the UK?
That's step one (Score:3)
Step two is to allow banks to include their crypto holdings in their capital reserves.
Step three: ???
Step four sure as hell isn't 'Profit'.
You thought 2007 was a wild ride? You ain't seen nothing yet.
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Step one: Regulate crypto.
Step 2,3,4 in your hypothetical scenario will then not appear at all, because crypto is allergic to regulation.
And that's exactly what this is about. Regulation. I think you completely misunderstood what they were voting for.
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Cryptocurrencies are already regulated. The regulations are arrived at by consensus and implemented in software. But the regulations are subject to an open market. Implement the wrong rules and your users will switch to some altcoin.
Re: That's step one (Score:2)
If it was self regulated that well, then theyâ(TM)d be part of tax declarations and would not be the go to means for money laundering.
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Step two is to allow banks to include their crypto holdings in their capital reserves.
Is that after all the regulated cryptocoins are created?
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Creating 'regulated' cryptocoins will just put them in competition with the existing (unregulated) ones. You have to stamp the latter out. Or drag them into the regulation regime.
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It's 2008 all over again but about 40% of every country is distracted by various wedge issues. It's remarkably easy to distract voters with a handful of people they have a dislike to. It's been the modus operandi of the ruling class and the right wing as far back as history goes. How else are you going to keep up people divid
final proof crypto is a scam (Score:2)
Crypto is only as good... (Score:2)
...as your ability to hold onto your private keys. We like to think that crypto protects you from the government, but guys with guns can be awfully persuasive.
The regulation of the 1s and 0s on your computer is inevitable, because government power is primarily designed to be used against the public, with the secondary role of breaking shit in other countries.
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What a load of complete and utter bullshit.
Your crypto keys are perfectly fine. If you keep your keys, you're perfectly fine. If you use your crypto, you're perfectly fine.
The moment you intersect your crypto with the real world however, you can no longer claim "But unregulated! Hurr Durr!".
As long as you stay in crypto fantasy land, there's no government that can do anything to you.