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Bitcoin: Japanese-style regulations called for as ‘cryptos’ become cash ‘alternative’


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Bitcoin: Japanese-style regulations called...

Akber Datoo, the CEO of D2 Legal Technology, laid out an example of how when Bitcoin’s popularity rises, the powers that be often step in to temper expectations: “The nature of cryptoassets means people may assume they are easily hidden, but they are increasingly traded via online platforms and marketplaces, such as Coinbase and eToro.

“In 2019, HMRC requested they send over information on UK residents who had moved money on their platforms and for example, Coinbase has, since October 2020, shared details of all trades over £5,000.”

Akber went on to theorise on what changes could be on the horizon concerning regulation and taxation: “There has of course been speculation that the budget will see an increase in capital gains tax to match income tax (so someone who currently pays 10 percent CGT would then pay 20 percent, while someone who currently pays 20 percent would pay 40 percent)

“Of course, more broadly, the FCA ban on cryptoderivatives to retail consumers came into effect on January 6 2021, with the FCA also warning UK consumers to be alert for investment scams in this area (given the ban, any firm offering these services is likely to be a scam).

READ MORE: PIP: Britons could get up to £151 per week for joint pain

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BITCOIN is at the forefront of mainstream financial news thanks to an unprecedented price rise it has seen in recent months. Many experts expect demand for digital assets like Bitcoin to rise in the coming months but before this happens, heightened regulation will likely be needed.

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