UK Parliament opens, emphasis on cryptocurrency

At the opening ceremony of the British Parliament, the British government outlined the legislative agenda for the next parliamentary year, while Prince Charles highlighted legislation promising legislation on economic crime and financial services, including cryptocurrency reform.

Prince Charles said the UK government’s top priority is to “help grow and strengthen the economy and reduce the cost of living for families”.

One of 38 new bills proposed, the Economic Crimes and Business Transparency Act, is [The UK’s] An open economy can drive dirty money out of England.”

Another bill that highlighted cryptocurrency was the Financial Services and Markets Act, which aimed to promote the UK as an attractive place to do business and invest.

One of the main advantages of the bill mentioned in the official government briefing is:

“Take advantage of innovative technology opportunities in financial services, including secure adoption of cryptocurrencies and flexible outsourcing support for technology providers.”

A briefing note accompanying the speech noted that “the creation of civil confiscation powers would not result in criminal prosecution, but would mitigate the risk posed by those who use their funds for further crimes.”

William Jay The founders of Himalaya Exchange commented on the impact of the proposed legislation on investors:

“Now there seems to be more and more pressure on investors. For UK tax purposes, crypto assets are generally subject to capital gains tax on individuals holding them as personal investments on realized profits.

He added:

“Investors should also be aware that if an individual is seen as part of a ‘transaction’, ‘mining’ or employment compensation package, all profits may be applied to income tax. As with all assets that do not dispose of cryptocurrencies, there is generally no tax in the UK as we only pay taxes on realized profits.”

Disclaimer: This article is provided for informational purposes only. It is not given or used as legal, tax, investment, financial or other advice.

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