The White House will issue an executive order commanding multiple federal agencies to coordinate the creation of a cryptographic regulatory framework proposal in the coming weeks.
The Biden administration seeks to bring order to the problem of cryptocurrencies and crypto market investments, given that the US government has taken a haphazard approach to the rapidly growing technology up to this point.
As a matter of national security, the federal government intends to issue an executive order that would regulate Bitcoin and other cryptocurrency trading. According to Barron's, a person familiar with the Biden administration's strategy disclosed the idea.
President Joe Biden has made it clear that he wants to regulate cryptocurrencies as quickly as possible since becoming office. They are viewed as an exceptional source of tax income for the government and may introduce tax policies for those who buy and sell cryptocurrency.
According to the source, the government will soon publish a national security brief directing several federal agencies to develop a basic regulatory framework for the whole business, including cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).
Creating a Cohesive Regulatory Policy
The Treasury Department and the State Department will coordinate the endeavor, which will include the National Economic Council and the Council of Economic Advisors. In light of the economic implications of buying or selling cryptocurrencies for national security, the White House's National Security Council will also provide guidance. "This is intended to take a comprehensive look at digital assets and produce a set of regulations that bring the government's efforts in this area together," the person added.
It emphasized that government agencies' efforts must be coordinated with those of other allies who are actively working on the regularization of crypto assets.
"Because cryptocurrencies don't stay in one nation, synchronization requires collaboration with other countries."
According to the site, the time range for submitting crypto rule ideas is three to six months, with the White House functioning as policy coordinator. However, White House officials have made no public remark on this too far.
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