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0:00:00 Brexit, Binance and Bitcoin: A New Era for Crypto in the UK?
0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “BitcoinNews.com”.
0:00:11 With the clock ticking on Britain’s much-debated exit from membership of the EU and all that means if a decision is finally agreed by September, where will this leave the UK in European Crypto Space?
0:00:21 In a position of strength, or cut-off from its legislative support on the other side of the channel?
0:00:27 Does this even matter when it comes to cryptocurrency trading?
0:00:30 In the UK the banks are aware of it, the Bank of England is monitoring it, and the man on the street pretty much knows about it.
0:00:37 Bitcoin continues to be classified as private money, with VAT applied and also subject to capital gains tax, where profits and losses are involved.
0:00:45 However-and Britain has illustrated with great clarity to a dumbfounded Europe with its Brexit machinations-it is often slow to make decisions and enforce regulations; in fact, the UK now risks falling behind its European partners regarding cryptocurrency regulations unless it acts with more clarity and decisiveness, and guess who has taken up the leading role in this regard?
0:01:05 The French…that must hurt.
0:01:07 Yes, the UK’s Financial Services Authority did release a recent update of its progress which is currently in the hands of the specially selected Cryptoassets Taskforce.
0:01:17 However, a series of final guidelines or policy guidelines are still awaited from the FSA after the release of this consultation paper as far as regulatory dynamics go.
0:01:27 With France now happy to lead Europe on a regulatory charge, Britain could be left counting its fingers after Brexit.
0:01:33 There are those in the UK however who like what they see in terms of crypto’s future after Brexit.
0:01:39 Mike Romanov chief executive of Digital Securities Exchange feels it can continue its dominance in the financial markets and crypto could come under the UK rather than EU legislative control.
0:01:50 Others see an opportunity too, with a dent left in the Euro cryptocurrency market as Britain goes into its own crypto shell, out of reach from the EU’s legislative grasp, opening the door for new smaller players outside of the EU to leap in and plug some holes.
0:02:04 Thanks for watching this video.
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