European Union Is Unclear In Decidng Libra’s Future
By Tyler Smith – Cryptocurrency Expert
The same questions are stumping Governments all over the world when it comes to comprehending cryptocurrency trading. Do they impose strict rules & regulations and threaten the economy with loss of benefits, or do they do very little and risk exposing themselves to those driving the progress in the space? These questions have been receiving more attention lately due to the release of Facebook’s own digital currency, Libra. The European Union is currently in a bit of a puzzle on how to move forward with crypto asset management guidelines.
Libra and the European Union
On behalf of the European Commission, Executive Vice-President Dombrovskis released a statement declaring that the Libra Association has not been transparent enough in their responses to the EU. He goes on to say that the information currently given by Facebook “remains insufficient for determining the precise nature of Libra and, by extension, its relation with existing EU law.” Conversely, Dombrovskis also went on to establish the EU as a body “willing to act swiftly” regarding the momentum of crypto market investment by employing regulations where necessary.
Digital Currency regulations stir interest in the United States
The CEO of Facebook, Mark Zuckerberg, reportedly provided unsatisfactory answers while speaking to the United States House of Representatives Financial Services Committee on 13th October’ 2019 about his platform’s digital currency. Some lawmakers were even concerned enough to comment that they “don’t know if Libra is going to work.”
Though the future of Bitcoin trading and Government regulations are currently uncertain, institutional and traditional bodies in both the United States and the EU are looking for a better grasp on these digital assets and their place in society. The Commission initiated an open and public examination on this topic that will be available until March 19th 2019, alongside the Internal Revenue Service in the US who are assembling a cryptocurrency summit on March 3rd.
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.
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