HSBC UK launches tokenized gold
HSBC has introduced blockchain technology into the $13 trillion gold market, allowing institutional investors to trade physical gold in the form of digital tokens in HSBC's vaults. Williamson, Head of Foreign Exchange and Commodities Partner Relations and Proposals, said that blockchain technology is faster and less cumbersome. This technology will make it easier to find and monitor investors' gold holdings on the platform, with the serial number of each gold bar permanently recorded on the blockchain. Most clients will be institutional investors, but if regulations allow, London HSBC expects that retail investors will also use this technology to trade physical gold directly in the future. Nearly 700,000 gold bars are stored in vaults in London, and the entry of blockchain technology into the market will simplify the process for financial institutions wishing to witness market growth or evolution.
The UK Treasury releases final proposals for crypto asset regulation, requiring crypto companies to obtain authorization from the Monetary Authority
On October 31st, the UK Treasury released the final proposal for regulating crypto assets, outlining the government's intention to bring some crypto asset activities into the scope of financial services regulation for the first time. "The government's position is that companies that deal directly with UK retail consumers, regardless of where they are located, should be required to obtain authorization."
The document describes that companies engaged in crypto asset activities must now obtain authorization from the UK Financial Conduct Authority, including a provision that requires detailed requirements for admission standards and mandatory disclosure when listing new assets on cryptocurrency exchanges.
Mintable CEO Zach Burks: UK risks regulating NFTs the wrong way
Mintable CEO Zach Burks said that the UK government may regulate NFT in a way that does not comply with the essence of emerging technology. On October 11th this year, the UK Culture, Media and Sports Committee released a report urging the government to take action to protect artists and content creators from copyright infringement caused by NFT. However, Burks said that infringement is an inherent problem of the Internet, not NFT, and NFT is moving away from speculation, while the committee (report) greatly exaggerated the role of NFT in copyright infringement.
UK MPs Suggest Collaborating With Democratic Allies To Address AI Misuse
The Science, Innovation and Technology Committee (SITC) has recommended that the UK collaborate with its democratic allies to address the potential misuse of artificial intelligence (AI). The report highlights the need for collective safeguarding against actors who seek to misuse AI for their objectives.
UK virtual asset service providers to comply with FATF travel rules from September 1
ChainCatcher News: The UK Financial Conduct Authority (FCA) has required UK Virtual Asset Service Providers (VASPs) to comply with FATF travel rules from September 1st, collecting, verifying, and sharing information on domestic and cross-jurisdictional transactions.
Critics say UK-imposed cryptocurrency travel rules limit financial autonomy
According to a report by Jinse Finance, critics believe that the cryptocurrency travel rules implemented in the UK violate the fundamental spirit of digital currency, which is financial autonomy free from regulation. The rules authorize cryptocurrency exchanges to freeze or seize client funds that have not been fully verified for their source of funding. This morning, the UK cryptocurrency travel rules came into effect.
Coinbase Integrates With PayPal for Faster Cryptocurrency Transactions in Germany and UK
Coinbase has partnered with PayPal to simplify the process of buying and withdrawing cryptocurrency for users in Germany and the UK. The collaboration will allow for faster transactions and instant withdrawals of Coinbase balances to PayPal accounts, eliminating the need for traditional methods like wire transfers.
English Law Commission proposes new approach to regulate digital assets and make UK a jurisdiction of choice for DeFi and other structures
The English Law Commission's final report on digital assets proposes a new approach to address the lack of clarity in laws and regulations for digital assets. This approach may make the UK a preferred jurisdiction for DeFi and other digital asset structures. The legal uncertainty surrounding DeFi and the digital asset economy hinders their development, as seen in cases where victims of fraud were unable to freeze or obtain remedies against cryptoassets held in exchanges. Additionally, legal uncertainty makes it difficult to determine ownership of cryptoassets and assess risks in DeFi transactions.
UK Court Sentences Crypto Fraudsters to More Than Six Years in Prison
Two crypto fraudsters in the UK have been sentenced to over six years in prison for defrauding investors with promises of high returns on a non-existent cryptocurrency called "Telecoin". Ross Jay and Michael Freckleton, who operated under the shell company Digi Ex, reportedly paid themselves and their employees hefty salaries instead of investing the $635,000 they received. The rise of unregulated crypto ATMs in the UK has alarmed authorities, leading to strict registration requirements and high-profile raids. The Financial Conduct Authority (FCA) has warned investors to only go with FCA-registered companies and to contact accredited financial advisors if in doubt.
UK regulator to investigate OpenAI CEO's Worldcoin Project over Iris Scan Data Collection
The UK's data regulator, the Information Commissioner's Office, has announced that it will investigate Worldcoin, a cryptocurrency project created by OpenAI CEO Sam Altman. Worldcoin requires users to provide iris scans in exchange for digital identification and free cryptocurrency. The ICO spokesperson stated that they are aware of the launch of Worldcoin in the UK and will be conducting further inquiries. The project has already launched with two million users from its trial and is expanding its eyeball-scanning operations in 20 countries.
