UK Charities Offered Guidance for Accepting Crypto Donations
The Charity Commission, responsible for registering and monitoring nonprofits in England and Wales, has published guidance for English and Welsh charities accepting crypto donations, advising them to keep accurate records and comply with tax and money-laundering rules. The regulator warned that cryptocurrencies and non-fungible tokens can be volatile, prone to hacks, and hard to trace, and that charities should weigh up whether it's worth accepting them at all. The guidance stresses the risks involved in the use of cryptocurrency and advises trustees to exercise caution. The Commission had previously noted that crypto could become a more mainstream route to investing, trading, and moving assets. In January, the Commission was probing the Effective Ventures Foundation, which had received significant backing from Sam Bankman-Fried and his exchange FTX, which filed for bankruptcy in November.
Crypto Evening Briefing: Google Cloud Expands Web3 Startup Support Program With Funding and Grants
Pre-seed companies can receive up to $2,000 in Google Cloud credits, while seeded startups can access up to $200,000 in Google Cloud and Firebase usage, along with other benefits.
UK Pledges Nearly $125M to Create “Safe AI” Taskforce
The UK government has announced £100m ($124.8m) in funding for a new artificial intelligence (AI) task force to accelerate the country's readiness in the technology. The task force aims to ensure "sovereign capabilities" in public services while fostering the adoption of "safe and reliable foundation models". The first pilots of AI usage and integration will target public services and are expected to launch in the next six months. The move comes as the UK government is pushing for "safe AI" regulation that doesn't restrict innovation. The UK has also committed £900m ($1.1bn) in investment into compute technology.
Ripple's Head of Public Policy Urges US to Draw Inspiration from EU and UK's Cryptocurrency Regulations
Ripple's Head of Public Policy, Susan Friedman, has urged the US to draw inspiration from the EU and UK's regulatory approaches for cryptocurrency. Friedman warned that the absence of clear regulations in the US drives activity offshore, which hinders the monitoring of illicit and criminal activities, contradicting the goals of critics.
Coinbase Turns To Europe For Growth Amid Clampdown By US Regulators
Coinbase CEO Brian Armstrong has hinted that the cryptocurrency exchange may relocate from the United States to the United Kingdom due to the US's lack of regulatory framework for cryptocurrencies. Armstrong tweeted about a "great meeting" with UK Economic Secretary to the Treasury Andrew Griffiths, praising the UK's positive outlook on emerging technologies and cryptocurrencies.
Crypto Evening Briefing: Blockchain Funding in Africa Jumped 5x in 2022
Despite the challenges of 2022, the African continent's blockchain community has continued to attract significant investments, with blockchain venture funding increasing five-fold on a yearly level.
UK Could Use Brexit to Make New Crypto Law in Next 12 Months
The UK government plans to create a new regulatory program for crypto that could become law within the next 12 months, according to Andrew Griffith, economic secretary to the Treasury. The consultation period for the proposed crypto regulation ends on April 30, with the intention of making the UK "a safe jurisdiction for cryptoasset activity to take place, fostering innovation and providing firms clarity over the planned regulatory framework." The new law will focus on exchange activities, custody activities, and lending activities. The EU is taking a different path with its proposals for new regulation on Markets in Crypto-Assets (MiCA). The UK's new crypto laws will run alongside traditional finance regulation, according to Griffith.
Coinbase to Help UK on Web3 Hub as Treasury Reportedly Revives Blockchain Taskforce
Coinbase has recommended nine ways for the UK to become a hub for the Web3 economy. The cryptocurrency exchange praised the UK's progressive regulatory efforts and said CEO Brian Armstrong will speak at a London FinTech conference on the subject. Coinbase's recommendations include developing a regulatory framework for crypto, ensuring collaboration between banking and FinTech sectors and promoting stablecoins. Armstrong recently met with the UK's Economic Secretary and City Minister, Andrew Griffith, to raise concerns over the de-banking of some crypto firms and the negative implications of the 24-hour "cooling off" period for investments in financial product promotions. (Cointelegraph)
UK’s New Technology Department to Tackle Country’s Metaverse, Web3 Strategy
The U.K.'s newly formed Department of Science, Innovation and Technology will advance the country's metaverse and Web3 strategy, an individual familiar with the matter not authorized to speak publicly told CoinDesk.
UK Uses Love Island Star to Warn Finfluencers on Crypto and Investment Schemes
The financial and advertising regulators of the United Kingdom have teamed up to send a warning to social media “finfluencers” telling them to stop promoting illegal “get rich quick” schemes or face law enforcement.
