Crypto Regulations To Be The Focus Of G20
By Luke Flowers – Crypto Specialist
The cryptocurrency industry has avoided much regulation for most of its appearance. Many ecosystems have been created and developed which suggests its use as a political strategy. Government authorities including the G20 are in agreement with a joint declaration committing themselves to study the possibility of joint regulations for cryptocurrencies.
The focus of the declaration was to address legal loopholes that have allowed the development of illicit activities and to regulate buying and selling crypto. In some instances, the summit will help determine taxes on these events.
The Financial Action Task Force (FATF) attended the summit and received support they should take a risk-based approach to the regulation of cryptocurrencies and that virtual assets should not take the route of self-regulation. Japan has taken the approach of self-regulation however; uncertainty still occurs when selling Bitcoin or other virtual assets.
Presidential candidate for the 2020 elections, Andrew Yang, has voiced his interest in the regulation of cryptocurrencies. Through Yang’s website he states that America requires a secure ecosystem in a legal environment that welcomes cryptocurrencies. Yang has proposed a general framework to buy and sell cryptocurrency that could help lead the way for mass adoption.
Some of Yang’s focuses for his candidacy include:
If Yang can reform the regulation of the space by adhering to the above promises, we could hope to see greater adoption of cryptocurrencies in the US.
Don’t forget to head over to our site to sell Bitcoin UK or cash out crypto to fiat. You can also keep up with inspiring developments of the space.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards