5 Years Ago

FCA Consultation Paper Gets the Thumbs up

BBFTA News Editor | | PERMALINK

The recent FCA consultation paper has created a broad consensus that the FCA is being pragmatic about Cryptos and it is encouraging that the FCA and the Treasury are engaged to bring clarity to the market.

This ought to encourage further development of the infrastructure and so enable institutions to further embrace Digital Assets and in time retail investors, provided there are adequate risk controls and standards in place.

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Cryptocurrency
Finance
Digital Assets
https://www.the-blockchain.com/2019/01/28/uks-f...direction/

Lightning Blockchain Gathers Steam and Proves to be Ultra Fast

BBFTA News Editor | | PERMALINK

Cryptocurrency detractors claimed it would be impossible to handle the volume of Visa or MasterCard. 

Lightning Network is disproving them, it is a matter of when not if Digital Assets will significantly challenge fiat currencies! With transactions costing pennies or less and to be able to use your phone, Lightning completely changes the way money is moved. If banks aren’t paying attention yet, they will be when they look at Lightning payments and realise they are likely to be disrupted!

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Cryptocurrency
Finance
Digital Assets
https://ethereumworldnews.com/lightning-network...of-600btc/

Falcon Bank Offer Cryptocurrency Transfers That Could Impact on Exchanges

BBFTA News Editor | | PERMALINK

Swiss private bank Falcon have are now offering the custody of certain Digital Assets and for clients to swap their holdings with each other.

The ability to for clients, who hold Digital Assets to trade directly with each other without the need to use an exchange is a potential threat for Digital exchanges but is another example of how Blockchain technology is able to disintermediate. Falcon can now allow private and institutions to transfer cryptocurrencies with each other as well as convert into fiat as well as offer.

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Banking
Digital Assets
https://www.globenewswire.com/news-release/2019...ncies.html

China Strengthens its Interest in Blockchain and Digital Assets

BBFTA News Editor | | PERMALINK

China for a number of years has been responsible for over 50% of all patents on Blockchain technology while in 2017 have banned ICOs and Cryptocurrency trading in China.

This led to some exchanges basing themselves in Hong Kong where they have seen a huge increase in trading activity. China has a significant share of now has blockchain-based start-ups, miners, and crypto-mining farms globally.

This interest in blockchain was exemplified by the launch of a “government-backed Xiong’An Global BlockchainInnovation Fund offering $1.6 billion (10 billion yuan) to Chinese blockchain start-ups”. So while from outside of China it appears it seems the country is anti the evidence appears that there is considerable interest in the technology and its disruptive impact which may explain why the Chinese government wishes to keep control as much as possible over its development.

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Blockchain
Finance
Digital Assets
https://blokt.com/news/chinas-increasing-stake-in-crypto

VC Fund Investing in Crypto Assets Looks to Raise Another $60m

BBFTA News Editor | | PERMALINK

San Fran based 1confirmation are looking to raise $60m having raised $27m in December 2017. 

One of the first fund’s investments was Coinbase which made $1.3billion in 2018 and now has a valuation of over $8billion proving not all Digital assets had a bad 2018!

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Cryptocurrency
Digital Assets
https://www.newsbtc.com/2019/01/18/crypto-ventu...coin-rout/

UK Tax Authorities Clarify the Tax Treatment on Digital Assets for Individuals

BBFTA News Editor | | PERMALINK

Finally, HRMC has issued guidance on the taxation of Digital Assets for individuals and said that they will be issuing similar guidance for corporates very soon.

Basically, Digital Assets are liable to income tax, capital gains tax and even inheritance tax depending on the circumstances so really important that you keep good records of all your Crypto transactions...

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Cryptocurrency
Digital Assets
https://www.gov.uk/government/publications/tax-...ndividuals