Cryptocurrency Regulations Introduced by the G20 Could Revolutionise Blockchain Innovation
Regulation of Cryptocurrencies is a hot topic as blockchain adoption increases. Governments are under increasing pressure to create regulatory framework that doesn’t prevent innovation. Co-operation between governments and enterprises using the technology is suggested to yield the best results as discussed by Jonathan M. Padilla.
The regulatory framework implemented will have to be transnational as problems such as money laundering, tax evasion, ferrorist financing and investor protection extend beyond borders. Less risk would be posed by arbitrage where exploitation can occur due to geographical location. Currently an organisation could be operating in a country with different rules and regulations that apply when selling crypto to an organisation elsewhere.
Nations have approached regulating the space differently - such as Japanese exchanges who are self-regulating. Classification of cryptocurrencies is still not set in stone. FINMA (Financial Market Supervisory Authority) is taking steps to classify cryptocurrencies under payment tokens, security tokens and utility tokens. Clarifying the definition of cryptocurrency will help businesses and investors create projects and get involved whilst helping governments to regulate.
The banking sector will need regulation to work out how they will deal with cryptocurrencies and taxing them accordingly. It is certain that more regulation with know-your-client and anti-money-laundering will follow as more people enter the market to either buy or sell bitcoin.
Increased regulations of the sector may see a reduction in the number of new cryptocurrency projects. However, if regulation is implemented with the focus of reducing risk in the market, it has the potential to increase blockchain adoption. Institutional investors looking to buy and sell crypto won’t get involved without the reassurance of regulation.
To make sure you keep up to date with crypto related news and to sell cryptocurrency, be sure to visit us at BC Bitcoin.
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