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The UK may ban profit from inviting crypto clients



Time:8/1/2022 2:51:34 AM

[The United Kingdom may prohibit profiting from inviting encrypted customers] On August 1, the British financial services regulator stated that it will prohibit providing rewards to customers who recommend friends. Additionally, the Financial Conduct Authority (FCA) said in a policy paper published today that investments in crypto assets should be restricted, with some consumers saying they could lose all their money.

Sarah Pritchard, executive director of markets at the FCA, said: "We want people to invest with confidence, understand the risks involved and make investments that are right for them and reflect their appetite for risk. We will take action if we see products being sold that do not contain the correct risk warnings or are unclear, unfair or misleading. (CoinDesk)

Other news:

HM Revenue and Customs Releases Tax Guidance on Encrypted Investments: On November 1st, HM Revenue and Customs (HMRC) released a tax guide to help cryptocurrency traders and investors understand their tax obligations in the UK. HMRC said that it does not treat cryptocurrencies as money, but more like traditional investments such as stocks, which means that cryptocurrency profits are subject to capital gains tax. It also made it clear that the exchange’s transaction fees cannot be offset against profits, urging traders to keep records. (Iexpats) [2021/11/1 21:15:01]

British brokerage IG Group stops providing crypto derivatives services to retail users: According to news on February 22, financial brokerage company IG Group is shutting down cryptocurrency products for retail customers, and the trading deadline is 15:00 on March 24th. Previously, the Financial Conduct Authority (FCA) had issued rules prohibiting the sale to retail consumers of derivative products and exchange-traded notes (ETNs) involving certain types of crypto assets. (CoinDesk) [2021/2/22 17:40:27]

Dynamics | Robinhood, an encrypted commission-free trading application, will be launched in the UK: According to FinanceMagnats today, Robinhood, a commission-free trading application, will be launched in the UK. Although Robinhood did not disclose the exact date of its launch in the UK, from a regulatory point of view, the platform Everything is ready - it was initially approved to operate as a trading broker firm in the UK in early August. It is reported that earlier this month, the cryptocurrency company Robinhood had an "unlimited leverage" vulnerability. [2019/11/20]

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