CRYPTO NEWS AROUND THE GLOBE

Norwegian government freezes and returns $5.7 million connected to Ronin hack

Breaking: Robinhood to Acquire Bitstamp Crypto Exchange in $200 Million All-Cash Deal

Former Federal Prosecutors, Agents Ask U.S. Sec. Blinken to ‘Step Up’ Efforts to Secure Detained Binance Exec’s Release

HOOD Stocks Will Explode, It's the Deal of the Century According to Experts

Bitcoin - European Central Bank (ECB) Reopens the Floodgates

SEC’s Gary Gensler ditches favourite crypto broadside

Will Dogecoin hit $1 in June? What the forecasts tell us

Author: U.S. citizen detained in Nigeria is being 'denied proper medical treatment for malaria'

France: Lugh announces the end of its stablecoin EURL – Why?

Europe: Bitpanda announces major partnership with Deutsche Bank

What are the 5 cryptocurrencies that performed best in May 2024?

Binance to restrict 'unauthorized' stablecoins in EU starting June 30, urges users to switch to regulated tokens

Ethereum ETF: 3 reasons for future failure for JPMorgan

SpacePay Brings Crypto To Traditional Commerce Using Revolutionary Payment Software – Next Big Altcoin of 2024?

Crypto: The impact of the European elections on regulation

“We must change this peremptory tone”: Bruno Le Maire tackled by the Finance Commission on the public deficit

Bitcoin and gold: A growing correlation to closely monitor

Franklin Templeton files amended S-1 for spot Ethereum ETF, lists 0.19% fee

Breaking: DMM Bitcoin Loses 4,502.9 BTC in $305 Million Crypto Hack

A crypto developed thanks to ChatGPT has gained more than 2,000%

DeFi Data Firm API3 Raises $4M in Funding Round Led by DWF Labs

SEC condemned for abuse of power

The U.S. Response to Binance Exec Tigran Gambaryan's Detention Is Shameful

Binance France drops CZ and names two new shareholders to preserve European foothold

Jailed Binance exec in Nigeria is struck by malaria amid anguished pleas from his lawyers and family

SOL, XRP Could Be Possible Candidates for ETFs, Standard Chartered Says

The Paris stock exchange falls as the Fed delays cutting its rates

DOGE: Kabosu, the dog behind the memecoin Dogecoin, died at the age of 17

Ethereum spot ETF (ETH): SEC approves plans from NYSE, CBOE and Nasdaq

Binance exec collapses in Nigerian court as health worsens in prison

All Crypto News Around The Globe

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

Rachel Reeves, UK Chancellor | Number 10 | Flickr

By Crypto Republique

Nov 20, 2024

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

The CGT increase comes amidst an awareness gap among crypto holders regarding tax obligations. A 2022 report from HM Revenue and Customs (HMRC) found that only 34% of cryptocurrency owners had a good understanding of CGT, leaving many uncertain or unaware of their responsibilities. Ahead of the January 31 self-assessment deadline, HMRC intends to boost outreach efforts to ensure compliance among crypto investors.

The tax hike has sparked anxiety among crypto advocates. “It will never go down. Once they raise it, and people don’t set the world on fire, calm settles, and people forget,” said Oculus, a UK-based crypto consultant on X. “After a while, that is just what CGT is in the UK. So it only stays or gets worse from here. ”

Get the Newsletter

Sign-up to receive weekly round up of news from Crypto Republique

He expressed concern that the increased rates could lead some investors to consider relocating, noting, “I think the cold reality is, people who have the means to get out of the UK will be making plans. It’s not like tax is high but it is an incredible, beautiful, and safe place to live.”

These concerns are compounded by ongoing regulatory scrutiny from the Financial Conduct Authority (FCA), which has faced criticism for lengthy approval processes for crypto firms. Industry stakeholders warn that this combination of tax increases and regulatory pressure could erode the UK's status as a leader in digital finance. In recent years, the FCA’s extensive regulatory process has led to prolonged delays for crypto firms seeking approval, further complicating the environment for growth.

In addition to the CGT hike, Chancellor Reeves introduced a £25 billion increase in employers' National Insurance contributions, raising rates to 15% on salaries over £5,000, according to a report from The Times.

The Financial Times also reported criticism of Reeves for changing the government's fiscal rules from public sector net debt (PSND) to public sector net financial liabilities (PSNFL), a shift that allows more borrowing without breaching fiscal limits. Some analysts have questioned whether this approach will result in meaningful economic benefits.

As tax deadlines approach and regulatory demands remain stringent, the long-term impact of these policy changes on the UK's digital asset sector is yet to be determined.

Organizations Included in this History

Binance

More News

UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Nov 24, 2024

Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

Nov 24, 2024

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024