By Tyler S - Cryptocurrency expert - 10-08-2021
Modifications to change the way cryptocurrency assets are reported to the government have recently been turned down by the Senate of the US. The change that had been blocked was an amendment designed to ensure all entities would submit their crypto data reports. However, the Senate refusing the change has caused some significant setbacks to the cryptocurrency trading industry.
In recent news this week, when the Senate voted down the proposal to modify cryptocurrency reporting regulations, this left some uncertainty within the crypto asset management industry.
The proposal included crucial specifications that would address and solve the many raised concerns of investors and crypto companies. Part of the proposal stated that all relevant entities were to send their tax data to the IRS. Many people took part in the creation of this bill to which it took several weeks to manifest only to be turned down.
One particular republican who was a part of the bill's creation said in an article that the amendment clarifies that miners, crypto wallet hardware companies, and other crypto industry members are not required to hand in their data.
As previously stated, the amendment's rejection is a setback for the crypto business, despite the bill advocating more focused monitoring. Simultaneously, another republican who worked on the bill, Rob Portman, indicated that there are various other options for bringing further clarity to the proposal to ensure its acceptance.
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 email@example.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 firstname.lastname@example.org 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 email@example.com Kind Regards