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UK culture secretary Michelle Donelan is examining plans to make tech bosses criminally liable if they fail to protect children online after coming under...

Following the failure of the Canadian government to contemplate legislation, experts from a central bank have penned a letter in which they assert that...

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October 26, 2022       /       Unchained Daily       /       Laura Shin What’s Poppin’? The Crypto Markets Had a Day of Relief: Is the Bear[...]

The post 🐂 📈 The End of the Bear Market? appeared first on Unchained Podcast.

The bill looks to place bitcoin and digital assets under existing financial instrument law enabling existing regulatory infrastructure to build a framework.

Delivering the Queen’s Speech, Prince Charles outlines the British government’s plans to support the safe adoption of cryptocurrencies and create “powers to more quickly...

Tory MP Michelle Rempel Garner says it’s time Canada started taking crypto seriously, and has proposed a bill to help grow the sector.

The post Tories urge Trudeau to adopt national crypto framework to ‘woo investors’ appeared first on Protos.

Michelle Rempel Garner, a member of the House of Commons of Canada, has introduced a bill that seeks to provide leeway for crypto and their ecosystem to thrive in the country. (Read More)

Her Majesty’s Revenue and Customs (HMRC), the U.K.’s tax agency announced a controversial set of recommendations on Wednesday that could harm Decentralized Finance (DeFi) innovation.  Ian Taylor, executive director of CryptoUK said:  “HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the UK.” The updated ruling focuses on how digital assets are treated in the UK for DeFi lending and staking, and whether the returns or incentives from these activities are taxed or not. Due to the cutting-edge nature of DeFi, tax specialists were confused about how the existing regulations apply to these services. HMRC stated: “The lending/staking of tokens through DeFi is a constantly evolving area, so it is not possible to set out all the circumstances in which a lender/liquidity provider earns a return from their activities and the nature of that return. Instead, some guiding principles are set out.” “HMRC has updated its guidance on the treatment of crypto and digital assets, specifically for DeFi lending and staking in the UK, significantly altering their classification and treatment.”  According to the guidance, returns from staking and lending DeFi assets will not be treated as ‘interest’, because digital assets aren’t considered currencies in the UK, but rather property for tax reasons.  However, the guidance suggests that in many circumstances, this technique will signal that beneficial ownership of those tokens has been moved to the platform, which could cause tax problems for stakeholders. This would imply that they were sold for tax purposes and would be subject to Capital Gains Tax.  According to Ian Taylor, executive director of CryptoUK, these new regulations will impose an unnecessary burden on crypto investors that is not imposed on stock market investors when lending shares: “HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the UK, including the Treasury and the FCA.” According to Taylor, the new regulations impose undue reporting obligations for consumers and cause tax compliance complexity because investors have to report hundreds or even thousands of transactions.  “This is out of step with the Government’s stated aim for the UK to be open and attractive as a destination for investment and innovation post Brexit,” he said.  Matt Hancock, the former Secretary of State for Health and Social Care and now a Member of Parliament (MP) in the United Kingdom, encouraged the House of Commons to pass a progressive crypto policy to make England the home of cryptocurrency last week. In November last year, HMRC issued regulations about the imposition of a digital services tax on crypto exchanges operating in the United Kingdom.

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