Tue, November 29, 2022

Digital currencies and European market

Digital currencies on Wednesday

The price of digital currencies changed numerous times on October 30. Bitcoin’s price fell below the $9,200 support area. Hopefully, Bitcoin recovered as it broke the resistance levels above $9,200 and $9,400. Nevertheless, Bitcoin was unable to strengthen its position, and the price fell $9,142.

Another major cryptocurrency, which is the Ethereum, broke the resistance levels above $180 and $185. However, Ethereum’s price declined to $183 on Wednesday.

Digital currencies and the United KingdomDigital currencies and regulations

Crypto regulations and their effectiveness are one of the most debated topics in the crypto community as well as governmental organizations. Countries around the world are trying to find the best solution, which will help the local authorities to regulate the market.

In this article, we will have a look at the country which has one of the largest economies in the world. The digital currency market in the U.K. is developing, especially among the millennials. Nevertheless, in the U.K. there is no specific crypto-related law.

It is worth mentioning that digital currencies are not considered a legal tender in the U.K. Also, companies need to register the cryptocurrency exchanges with the Financial Conduct Authority.

In the U.K., crypto-related activities fall under the same financial regulations as futures and options.

Another important information is that in the U.K., the gains and losses are subject to capital gains tax and income tax.

The U.K.’s tax authority, which is Her Majesty’s Revenue and Customs’ position is that buying and selling digital currencies is the same as gambling. It means that a crypto owner has to pay the capital gains tax.

However, it will be hard to collect information about crypto owners. Nevertheless, the situation will change from next year after the implementation of the U.K.’s Fifth Money Laundering Directive. This law will allow the authorities to request information about owners as well as crypto transactions.

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