UK Treasury will introduce strict rules of bitcoin

They will lead the effort into regulating cryptocurrencies
04 December 2017   417

The British government is going to introduce strict regulations of bitcoin and other cryptocurrencies. They hope that these measures will help to combat crimes during tax evasion and money laundering. In this way cryptocurrencies will be under the purview of anti-money laundering and counter-terrorism financing legislation.

We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation.

 

Spokesperson of the UK Treasury

Some British media like The Sun and The Telegraph have named this statement as a ‘crackdown on cryptocurrencies’. Also the Treasury’s intent to regulate cryptocurrencies comes amid reports of drug dealers in London allegedly laundering cash at bitcoin ATMs in the city.

The plan to introduce regulations for cryptocurrencies was first revealed by the economic secretary to the Treasury Stephen Barclay in late October 2017 year when he was speaking in the UK Parliament.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.