Binance’s UK-Registered Address Is a Small Building Shared by Thousands of Other Companies
June 20 (Cointime) - Binance, one of the world's largest crypto exchanges, has a registered address in the UK that is shared with thousands of other companies. The address, located in a small town in Suffolk county, is actually a virtual registered address service provider called OfficeServ.
U.K. Parliament Approves Bill to Regulate Crypto as a Financial Activity
June 19 (Cointime) - The UK's upper chamber of Parliament, the House of Lords, has approved the Financial Services and Markets Bill (FSMB), which could recognize crypto as a regulated activity in the country.
The Impact of a Bitcoin Football Club on a Small UK Town: A Cointelegraph Documentary
The impact of a Bitcoin-backed football club, Real Bedford FC, on the small town of Bedford in the UK is explored in the latest Cointelegraph Documentary. The club, owned by Peter McCormack, has gained promotion, secured significant sponsorships, and attracted local and international fans. The team's bright orange jerseys proudly display the Bitcoin logo, and before each game, Bitcoin meet-ups are organized. McCormack aims to use the team as a Trojan horse to introduce the town's residents to Bitcoin gradually, emphasizing the importance of education and responsible investment.
UK to Receive Early Access to AI Models from Google DeepMind, OpenAI, and Anthropic
During his speech at London Tech Week, British Prime Minister Rishi Sunak announced that Google DeepMind, OpenAI, and Anthropic have agreed to provide the UK with early access to their AI models for research and safety purposes. Sunak outlined a three-part plan to ensure safe deployment of AI systems in the UK, including cutting-edge safety research, the formation of a global task force, and investment in AI and quantum technologies.
UK Takes Steps to Become a Global Hub for Crypto and Web3
The latest episode of The Scoop, featuring The Block's Frank Chaparro, UK Member of Parliament Dr. Lisa Cameron, and CryptoUK Board Advisor Ian Taylor, discusses the UK's efforts to become a global hub for crypto and web3. Dr. Cameron believes that the crypto industry could play an important role in the UK's economy in the future and wants to ensure that young people have the necessary skills and opportunities to enter the workforce.
UK Crypto and Digital Assets Parliamentary Group Recommends 53 Key Regulations for Cryptocurrencies
The Crypto and Digital Assets All Party Parliamentary Group (APPG) has proposed 53 recommendations for regulating cryptocurrencies in the UK, including the creation of a "Crypto Tsar" role to coordinate efforts and ensure consistent regulation. The report acknowledges the need for legal and regulatory clarity within the next 12 to 18 months to prevent the UK from falling behind other countries in the race to regulate the crypto sector. The report also emphasizes the importance of balancing consumer protection and innovation, addressing the challenges faced by crypto firms in accessing banking services, and combatting scams and criminal activities through coordinated efforts among industry players, regulators, law enforcement, and the government. The release of this report reinforces the UK's commitment to becoming a leading global player in the crypto industry.
UK Lawmakers Call for Urgent Crypto Regulation to Avoid Falling Behind EU
Lawmakers in the UK are calling for urgent action on crypto regulation, as the EU passes landmark policy with its Markets in Crypto Assets (MiCA) regulation. The UK risks falling behind and missing out on innovation, jeopardizing its chance at becoming a global leader in the space. The All Party Parliamentary Group for Crypto and Digital Assets has released a report calling for a crypto legislative package to pass immediately, with a deadline of 2025 for crypto regulation in the UK and the appointment of a "crypto tsar" to coordinate efforts across regulatory groups. Financial Conduct Authority executive director of markets Sarah Pritchard has also emphasized the need for swift action, as the take-up of crypto continues to rise despite recent market chaos.
UK Lawmakers Call for Immediate Crypto Regulations and Dedicated Official
The Crypto and Digital Assets All Parliamentary Group (APPG) in the UK has urged the government to introduce regulations for crypto financial services as soon as possible and to appoint a dedicated official to oversee the process.
Lords in England warn against Bank of England's possible introduction of a CBDC
Two Lords in England have raised concerns about the Bank of England's exploration of a central bank digital currency (CBDC), warning against its introduction "by stealth". Lord George Bridges and Lord Michael Forsyth of Drumlean expressed concerns about privacy and criminal activity, stating that a CBDC could not be used anonymously without creating a haven for criminal activity. They are pushing for legislation to guarantee that a "Britcoin" could not be introduced without primary legislation and proper parliamentary scrutiny. The Bank of England has been exploring CBDCs for some time and has published papers on the topic, while the US is also engaged in conversations about CBDC implementation.
UK Crypto Fraud Losses Rise by Over 40% in Past Year, Exceeding £300 Million
Crypto fraud losses in the UK have surged by over 40% in the past year, reaching more than £300 million, with the increase attributed to a rise in crypto scams and bankruptcies related to the FTX debacle. Data analysis by RPC law firm shows that losses from crypto fraud amounted to $370 million in the 12 months to March 2023, up by $250 million from the previous year, with over a third of the losses occurring in November 2022 when FTX filed for bankruptcy. The figures highlight the need for a standardized crypto framework for global investors, as well as caution in regulating crypto assets to protect consumers from related risks.
