Britain Financial News

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom’s financial watchdog says it has given the all-clear to only 41 out of 300 crypto firm applications seeking regulatory approval to date.

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Kevin Rose, the co-founder of Moonbirds non-fungible tokens (NFTs) and the CEO of Proof Collective, has fallen victim to a phishing attack due to which he lost about $1.1 million worth of tokens.Some of the stolen NFTs include The Currency artwork by popular British artist Damien Hirst, one Autoglyph, 25 Art Blocks, one Cool Cat, as well as nine OnChainMonkey tokens, among others. "I was just hacked, stay tuned for details - please avoid buying any squiggles until we get them flagged (just lost 25) + a few other NFTs (an autoglyph)," the entrepreneur said in a tweet. In a thread retweeted by Rose, Arran Schlosberg, the vice president of Proof Collective, provides his take on how the hacker managed to seize control over the businessman’s NFT collection. On the evening of January 25, Rose "was phished into signing a malicious signature that allowed the hacker to transfer a large number of high-value tokens. Here is a breakdown of what happened, our immediate response, and our ongoing efforts," Schlosberg said.

In appointing Hammond, Copper will be leaning on his connections and high public profile to make the case for the need to connect traditional finance with distributed ledger technology and reform the UK’s regulatory framework governing digital assets.Says Hammond: "Recent security and regulatory challenges affecting the digital asset sector have only served to emphasise the need for safe, well-regulated trading infrastructure. I remain firmly of the view that the post-Brexit UK financial services sector needs to embrace distributed ledger technology as a key part of its strategy to remain a major global financial centre.

HSBC Asset Management’s UK boss Stuart White says prohibiting greenhouse gas emitters from investment funds will not solve the climate crisis.

In appointing Hammond, Copper will be leaning on his connections and high public profile to make the case for the need to connect traditional finance with distributed ledger technology and reform the UK’s regulatory framework governing digital assets.Says Hammond: "Recent security and regulatory challenges affecting the digital asset sector have only served to emphasise the need for safe, well-regulated trading infrastructure. I remain firmly of the view that the post-Brexit UK financial services sector needs to embrace distributed ledger technology as a key part of its strategy to remain a major global financial centre.

The UK’s former chancellor Philp Hammond has been appointed chair at Mayfair-based crypto exchange Copper.

Former Great Britain champion swimmer Rebecca Achieng Ajulu-Bushell is fast emerging as a City champion on diversity.

Gabriel Makhlouf, the governor of the Central Bank of Ireland, reportedly supports legislation which would ban advertising crypto projects to young people.

A judge overseeing bankruptcy proceedings for crypto lending firm Celsius Network has denied motions from three users with different claims on assets stuck since July.

The UK Government's economic and finance ministry, HM Treasury, is recruiting for a Head of central bank digital currency (CBDC) to lead the development of a digital pound. The work is described as "Important, complex, and cross-cutting" and will "require extensive engagement across and beyond the HM Treasury."

Bosses at Britain’s biggest banks are being urged to stop funding new oil and gas expansion by a “weird and wonderful coalition” which includes celebrities Emma Thompson, Stephen Fry, politicians and climate activists.

With the Jan. 31 deadline for filing tax returns in the United Kingdom fast approaching, crypto investors who haven’t yet submitted their crypto tax returns are in a tight spot. From figuring out how crypto is taxed in the U.K. to accurately computing net tax liability, it can be a perplexing and complex process for new investors.

HM Treasury in the United Kingdom has begun calling for applicants to lead the central bank digital currency team behind efforts towards a digital pound.

Over the last couple of years, numerous reports have surfaced regarding governments worldwide exploring the issuance of their very own central bank digital currency. In fact, to date, nine countries have rolled out an active CBDC offering. In this regard, China’s digital yuan witnessed widespread use during the 2022 Winter Olympics. 

A battle is raging over crypto regulation. Digital asset evangelists continue to call for policymakers to do more to spur innovation. Sceptics are urging watchdogs to stop scammers running rife.

The policy decision-makers in the United Kingdom got split on whether the sale, marketing, and distribution of derivatives and exchange-traded notes (ETNs) tied with cryptocurrencies should be prohibited when it comes to retail investors. The Regulatory Policy Committee believes the measure, adopted in 2021, to be unjustified under current circumstances. 

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