Former Chancellor says UK is falling behind on crypto opportunity

A former Chancellor of the United Kingdom has raised concerns the country is slipping behind its rivals in the European Union when it comes to the regulation of crypto. Philip Hammond, who served as the U.K’s Chancellor of the Exchequer from 2016 to 2019 told Bloomberg that there has been a distinct lack of direction and cohesion when it comes to crypto policy. “Particularly in the area of digital asset trading, I feel that the UK has missed a trick […] We are getting very close to the point where…

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UK Treasury en route to legalizing stablecoins amid Terra’s UST crash

United Kingdom’s Department of Treasury, or Her Majesty’s Treasury, has reportedly decided to go ahead with regulating stablecoins as legal tender. While welcomed by the crypto community, the decision comes as a shocker due to its proximity to the recent fall of one of the most popular algorithmic stablecoin, TerraUSD (UST). A local report from The Telegraph highlighted the Treasury’s intent to regulate stablecoins across Britain, which was revealed during the Queen’s Speech. During the speech, Prince Charles announced the introductions of new legislation across various sectors, including measures to drive…

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Goldman Sachs and Barclays invest in UK crypto trading platform Elwood

Banking giants Goldman Sachs and Britain’s Barclays have joined a $70 million Series A funding round for the institutional crypto trading platform Elwood Technologies, founded by billionaire British hedge fund manager Alan Howard. Joining the round was crypto-friendly German bank Commerzbank, crypto investment manager Galaxy Digital, and Dawn Capital as reported by the Financial Times on May 15. The fundraising round valued the company at around $500 million according to the report. Despite the recent fall in crypto markets, Elwood said it’s betting that traditional financial institutions such as hedge…

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UK Court recognizes NFTs as ‘private property’ — What now?

At the beginning of May, the British Web3 community celebrated an important legal precedent — the High Court of Justice in London, the closest analog to the United States Supreme Court, has ruled that nonfungible tokens (NFT) represent “private property.” There is a caveat, though: In the court’s ruling, this private property status does not extend to the actual underlying content that NFT represents. Cointelegraph reached out to legal experts to understand what this decision could possibly change in the British legal landscape.  The theft of Boss Beauties In February…

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UK government targets crypto in latest legislative agenda

The United Kingdom has introduced two bills both concerning the seizure and support for cryptocurrencies as part of Prince Charles’ remarks at the State Opening of Parliament. In a Tuesday publication released by the U.K. Prime Minister’s Office, the government said it will address crypto regulation in the country with the introduction of the Financial Services and Markets Bill and Economic Crime and Corporate Transparency Bill. The former aims to strengthen the country’s financial services industry, including by supporting “the safe adoption of cryptocurrencies.” According to the proposed financial services…

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Blockchain.com co-founder thinks the EU and UK are ‘progressive’ crypto regulators

Cointelegraph reporter Joseph Hall sat down with Nicolas Cary, the co-founder and president of Blockchain.com at the Paris Blockchain Week Summit, or PBWS, last week. Cary’s other roles include founding the Blockchain Commission for Sustainable Development and co-authoring a white paper called “The Future is Decentralised” for the United Nations Development Programme.  Hall and Cary discussed the regulatory landscape of the European Union and the United Kingdom, as well as Cary’s optimism for the evolution of money in the Web3 space. Cary recognized the recent “progressive” momentum of policymakers treating digital…

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Starbucks joins NFT party, UK government seeks stablecoin regulations and Crypto Twitter rallies behind cancer fighter, Hodler’s Digest: Apr. 3-9

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Starbucks announces NFT initiative as union-busting controversy continues Nonfungible tokens continue making headlines, with coffee giant Starbucks having recently signaled its intent on joining the NFT party. “Sometime before the end of this calendar year, we are going to be in the NFT business,” said…

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Number of UK crypto firms operating under FCA temporary registration status drops

The number of firms permitted to offer crypto services to U.K. residents under temporary registration status from the Financial Conduct Authority has dropped from 12 to 5.  According to a Thursday update to its list of ‘Cryptoasset firms with Temporary Registration’, the United Kingdom’s financial regulator named CEX.IO, Revolut, Copper, Globalblock, and Moneybrain as companies in the crypto space allowed to operate in the country in addition to the 34 registered cryptoasset firms the FCA approved since August 2020. The FCA said on March 30 that it would be extending…

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UK Royal Mint NFT, $960k Billionaire Dog rug and Pudgy Penguins

The U.K. government Treasury announced on Monday, April 4th, that it has asked the Royal Mint to create one non-fungible token (NFT) to be issued by the end of the year “as an emblem of the forward-looking approach the UK is determined to take.” Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer. This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK — HM Treasury (@hmtreasury) April 4, 2022 The NFT was part of a…

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