Britain Financial News

In recent months, NatWest, HSBC, Nationwide Building Society and Santander have all placed restrictions on customers buying cryptocurrency, citing regulatory concerns and the risk of scams.In a letter to Economic Secretary to the Treasury Andrew Griffith, CryptoUK says that blanket bans and restrictions "will have the effect of fundamentally undermining the Government’s ambition to become a crypto asset hub and its mission to maximise the potential of Web3 to spur UK growth and innovation".The trade association says that government action is warranted because banks are putting in place these blanket restrictions instead of take a risk-based and case-by-case approach.The letter suggests government bringing bank and crypto CEOs together to find a "viable solution", with one option being the creation of a white list of platforms that "have engaged with the UK’s regulatory perimeter (either through AML registration or other EMI/MiFid licenses), to which transactions should be allowed to take place freely".In a separate letter to the FCA and Payment Systems Regulator, CryptoUK says that while it accepts that the regulators may not wish to intervene in the commercial decision of bank, "in this case we believe action is warranted because of the blanket approaches that have been taken".

The U.K. government said it had struck a deal to join the Pacific trade alliance the U.S. exited under former President Donald Trump, as Britain looks to diversify trade away from Europe after Brexit. 

The government of the United Kingdom has laid out plans to step up regulation of crypto assets in its efforts to respond to economic crime in the country.

The largest meme coin DOGE is remarkably stable on Thursday after a failed attempt on Wednesday to flip resistance at $0.0771. Dogecoin price is trading 1.3% lower on the day, with $371 million in trading volume streaming in the 24-hour period.

Linklaters has promoted 41 lawyers to partner, including 16 in its UK business.

How Big Tech companies treat user data has been controversial for so long. Meta, Apple, Google and Microsoft are often accused of collecting and selling the personal data of their users. Though, where exactly this data goes and how much of it is given over to companies and governments can still be unclear.

Crypto-friendly fintech Revolut is reportedly having some issues related to its recently released annual report for the year ending December 2021.

Link Group, the Australia-based parent of the administrator responsible for overseeing Neil Woodford's fallen flagship fund, has extended exclusive talks with Dublin-based Waystone to sell its UK fund solutions business.

The boss of BNY Mellon Investment Management has warned that the City is at risk of losing its edge as a financial services hub, claiming Brexit has made it more challenging to entice internationally-based professionals to London.

In this week’s newsletter, read about Sony filing a patent for a nonfungible token (NFT) framework for games, and how executives believe that Grand Theft Auto (GTA) and Minecraft developers may change their minds on blockchain technology. Learn how an NFT collector accidentally burned a CryptoPunk worth $135,000 while trying to borrow funds, and find out about Disney reportedly sacking its metaverse division. In other news, His Majesty’s Treasury in the United Kingdom has dropped the Royal Mint NFT project. 

However, economic secretary Andrew Griffith now says: “In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”Labour's shadow City minister Tulip Siddiq responds. “I’m glad that the Royal Mint has finally made the Conservatives see sense, but we’ve been calling on the chancellor to drop this crypto gimmick for months.” The Treasury's initial announcement came as NFTs exploded in popularity, with many reaching multi-million dollar valuations.

Muddy Waters founder Carson Block has criticised European regulators for "viscerally" disliking short-selling, as the UK prepares for a potential overhaul to its rules.

Plans for a non-fungible token [NFT] venture, which was supposed to be backed by the government of the United Kingdom, have been dropped by the country’s Treasury. The venture was pitched by Prime Minister Rishi Sunak in April 2022, when he served as the Chancellor of the Exchequer. 

Andrew Bailey has told MPs that British banks are safe from the wider turmoil sweeping the global banking system, in the wake of the near-collapse of Silicon Valley Bank, Credit Suisse and others.

The United Kingdom has shelved plans to launch a government-backed “NFT for Britain,” which was initially proposed by crypto-friendly Prime Minister Rishi Sunak.

Digital assets firm Komainu wants a spot on the UK’s register of crypto companies as part of what its chief executive calls its “next level” of growth.

Baillie Gifford has been toppled as the UK’s preeminent asset management brand, with FTSE-listed Schroders beating the Scottish group to the number one spot.

Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency (CBDC). Florida Governor Ron DeSantis — expected by many to throw his hat into the ring for the 2024 U.S. presidential race — has called for a ban on a digital dollar in the state. DeSantis spoke out against the Federal Reserve issuing and controlling a CBDC, claiming the initiative would grant “more power” to the government. 

Mid-market investment bank Alantra has transferred its top dealmaker from Madrid to London, part of a flurry of appointments as it continues to build out its UK operation.

As the electric vehicle (EV) revolution surges ahead in both the public and private sectors, innovative projects like C+Charge are harnessing the power of blockchain to redefine the landscape and offer unique benefits to users.

Citigroup has promoted veteran dealmaker Robert Way to lead its UK investment banking team after its current boss stepped down to become the chief executive of KKR-owned infrastructure investor, John Laing.