On Wednesday, India and the UK discussed current affairs around crypto assets and emphasized the need for strong international strategies to address the risks involved. Participants from both countries provided updates on recent changes in their respective banking sectors at the second India-UK Financial Markets Dialogue, discussing banking trends and
According to a British lawmaker, the UK could implement regulations governing digital assets within the next 12 months. The economic secretary to the U.K. Treasury, Andrew Griffith, stated in an interview with CNBC on April 17 that the long-term goal is to “let firms make the most of the opportunities
Plans to introduce a government-backed “NFT for Britain.” As planned by crypto-friendly Prime Minister Rishi Sunak, have been scrapped in the United Kingdom. As part of the government’s aim to make the UK a worldwide hub for crypto-asset technology and investment. Chancellor of the Exchequer Sunak requested in April 2022
Most recently, it was declared by the government of the United Kingdom (UK) that HSBC holdings had acquired the British affiliate of the Silicon Valley Bank. This comes after a U.S. government body took action to protect depositors at the failing bank. The CEO of HSBC, Noel Quinn, was quoted
In a statement made on March 10th, the Bank of England (BoE) announced that SVB UK will “stop making payments or accepting deposits.” Because BoE planned to petition the court to initiate a “Bank Insolvency Procedure” against SVB UK. As Silicon Valley Bank’s U.K. branch (SVB UK) has no “critical
This week, two major UK banks—Nationwide Building Society and HSBC Holdings Plc—tightened restrictions on retail clients’ access to cryptocurrency assets in the wake of recent scandals and regulatory cautions in the sector. The building society advised its clients on Wednesday. That the daily limit for using a debit card to
Recently, the Financial Conduct Authority (FCA) in the United Kingdom has been clamping down on cryptocurrency ATMs. That are not properly registered. The authority claims to have recently visited and investigated a number of locations near Leeds. It is a city in Northern England that was suspected of housing illegally
The Financial Conduct Authority (FCA) has warned that businesses that promote cryptocurrencies outside of one of four approved channels might be subject to criminal penalties including up to two years of jail time. Any advertising under the new regulations must be produced by or with the consent of an individual
The UK Treasury is reportedly finalizing a framework for the regulation of the cryptocurrency industry. According to The Financial Times, the country’s financial authorities are currently putting the finishing touches on the significant crypto regulation. This includes prohibitions on international businesses selling to the UK, strategies for dealing with business
DCMS announced that it will also investigate the underlying blockchain technology that supports NFTs. According to the DCMS committee’s statement, NFT regulation in the UK is mainly non-existent. The UK government has started a probe into nonfungible tokens (NFT), digital collectibles championed by Prime Minister Rishi Sunak. The House of
