UK Online Retailer buys Bitcoin for Balance Sheet
Flooring Hut, an online carpet and flooring retailer based in the UK, has followed in the footsteps of Tesla, Microstrategy, and Real Bedford by investing in Bitcoin and adding it to their balance sheet. The company sees Bitcoin as an asset with the best potential for growth of their capital reserves at the moment. Flooring Hut has decided against keeping their cash reserves in a bank account, as Bitcoin could provide the greatest potential for providing returns which ultimately delivers greater value for customers. The company plans to keep the Bitcoin in cold storage to resist rug pulls and will explore the implementation of Bitcoin Lightning Network payments to complement its online payment options.
UK Regulator Warns Non-Compliant Crypto Memes Could Lead to Criminal Offenses
The UK's Financial Conduct Authority (FCA) has warned that crypto memes may be considered criminal offenses if they do not comply with existing financial promotion rules. The FCA's proposed guidelines state that any form of communication can be considered a financial promotion and subject to the Financial Services and Markets Act.
Two Underage Kids Accused of Hacking Nvidia, Grand Theft Auto, and Uber
Two teenagers from the UK are facing charges for allegedly hacking into Nvidia, Grand Theft Auto, Revolut, and Uber. The hackers were tracked down through their IP addresses and online activities.
UK Financial Watchdog shuts down Illegal Crypto ATMs, warns of Potential Losses
The Financial Conduct Authority (FCA) has halted 26 cryptocurrency machines across the UK for operating illegally and warned consumers that they could lose all their money. The FCA conducted inspections at 34 locations suspected of hosting crypto ATMs and disrupted 26 machines in a coordinated operation with other law enforcement agencies. A member of the public paid £1,000 into a crypto ATM in Sheffield, but no cryptocurrency or funds were returned. The FCA's joint executive director of enforcement and market oversight, Steve Smart, cautioned that using a crypto ATM in the UK could mean handing money over to criminals and that consumers would not be protected if something went wrong.
UK on Path Toward Crypto Clarity As Financial Services and Markets Bill Inches Toward Legislation
July 4 (Cointime) - The UK has taken a step towards increasing regulatory clarity for cryptocurrencies with the final approval of the Financial Services and Markets Act (FSMB) 2023. The bill enables regulators to create a framework for the safe adoption of crypto in the UK and empowers the HM Treasury to establish crypto regulations.
UK Minister Cautions on Issuing Digital Pound Amid Privacy Concerns
July 4 (Cointime) - The UK's financial services minister, Andrew Griffith, has urged caution over the potential issuance of a digital version of the pound due to concerns around privacy and other issues.
Public Concern Over Central Bank Digital Currencies Shared by Canada and UK
July 2 (Cointime) - Recent surveys reveal that public concern over the possibility of a US central bank digital currency (CBDC) is shared by Canada and the UK. Majority of Brits express concern about UK authorities having control over people’s funds, while 39% of Canadians worry about a loss of control over their finances.
Lightspark CEO Frustrated With US Falling Behind in Digital Assets While UK Embraces Crypto
June 29 (Cointime) - David Marcus, CEO of Lightspark, expressed frustration over the US falling behind in digital assets and failing to retain top talent for upgrading the financial system. This comes after the Law Commission's recommendations to secure the UK's position as a global crypto hub, which includes creating a distinct category of personal property to recognize and protect digital assets.
UK Passes Bill Recognizing Cryptocurrency as Regulated Financial Activity
June 29 (Cointime) - The UK has passed a bill recognizing cryptocurrency as a regulated financial activity, marking a significant shift in the country's approach to digital currencies.
Don’t Follow the US: Blockchain Aus CEO Hammers ‘Regulation by Enforcement’
June 26 (Cointime) - New Blockchain Australia CEO Simon Callaghan wants the Australian government to learn cryptocurrency regulation from places like the UK, Hong Kong and Singapore, not the US. He believes "enforcement regulation" is tantamount to holding a hammer and treating everything as a nail, which is not the right approach for Australia.
