The legality of cryptocurrencies varies from territory to territory. The UK especially leans towards crypto mining and trading as well as blockchain development but will get under the skin of illegal miners.
The UK is ahead of the curve in European fintech
The UK is one of the most forward-thinking countries as far as cryptocurrencies and blockchain technology are concerned. Its capital, the city of London, has even been considered Europe’s blockchain hub. Typically, the UK’s government regulation allows people to buy and sell cryptocurrencies without any problem until recently when it banned the trading of cryptocurrency derivatives.
Also, the UK’s fintech industry is growing faster than anywhere else in the world, according to CoinIdol, a world blockchain news outlet. For example, just at the onset of covid-19, at least £50 billion was poured into the fintech sector. Currently, London is exploring the potential of a Central Bank Digital Currency (CBDC) issued and managed by the Bank of England to catch up with the leading countries in this area like China. Thinking of travelling to the UK but not sure whether or not you would dine at a restaurant and pay with bitcoin? No worries! It is very common to find taxis or fast-food restaurants that accept bitcoin and other cryptocurrencies for payment.
London’s cryptocurrency mining industry
While Tesla is halting bitcoin transactions, citing the large-scale power consumption of bitcoin mining activities, the UK is less bothered but is instead exploring solutions to the high energy consumption of bitcoin miners. The first green bitcoin mining farm might launch in the UK soon after Agro blockchain, a London-based crypto firm recently reported that it had cracked a deal with another company to start the world’s first bitcoin mining pool which will be run on renewable energy.
Bitcoin mining only appears to be profitable in countries with relatively lower energy cost like China. Some countries have had to offer subsidies on electricity for mining firms, but that proved to be unsustainable. Norway, about four years ago, scrapped tax subsidies for crypto miners.
Crypto activities are not tax-free in the UK
Although cryptocurrencies are very decentralized, the UK is still able to tax crypto miners. Most crypto miners are subjected to income tax, which is the same as any taxes levied on an income-generating activity within the UK territory. But some crypto mining firms also pay the capital gain tax, which is the tax applied to profits made from investments.
With the highly competitive but also expensive cryptocurrency mining industry, some miners have decided to conduct the activity illegally in order to get away with the taxes. The UK police are on the move to discover such illegal mining companies.
The most recent case was the West Midlands Police discovering the illegal bitcoin mining at the Sandwell bitcoin mine initially mistaken for a cannabis farm.
Although the cryptocurrency and blockchain technology atmosphere remains conducive in the UK, the government is a hard nut to crack on matters pertaining to illegal crypto activities. The UK remains Europe’s fintech hub with many research projects going on in the field of cryptocurrencies and blockchain technology.
Active Bitcoin Addresses Reach the Lowest Level in 12 Months
BTC traders remain uncertain about the price action due to the latest market volatility.
Bitcoin network activity has decreased significantly due to the recent price volatility. The world’s largest cryptocurrency dropped below $29,000 earlier this week but posted a strong recovery yesterday after BTC jumped above $34,000. However, bearish market sentiment returned in the last 24 hours as Bitcoin dropped below $32,500.
According to the latest data published by Santiment, the crypto analytics platform, the total number of active Bitcoin addresses dropped below 900,000 in June 2021, the lowest level since July 2020.
“Bitcoin is back at $32.4k after a rebound above a $34.6k high Wednesday. What remains to be seen is an uptick in address activity. On the 30-day rolling scale of daily active address scale, July 13, 2020, was the last time the BTC network was this low,” Santiment mentioned.
GIBX Mining Farm and IPFS Mining Pool Opening Up New OpportunitiesGo to article >>
Earlier this week, Finance Magnates reported about the surge in liquidations across the crypto market due to the recent dip in Bitcoin and other digital currencies. During the last few weeks, Bitcoin-related investment products saw significant outflows. According to the latest report published by CoinShares, nearly $89 million worth of investment left BTC investment products last week.
Despite the latest rebound in BTC and other cryptocurrency assets, traders remained uncertain about the future price action of the world’s most valuable digital asset. “Bitcoin’s fear, uncertainty, and doubt (FUD) remain high, as traders are polarized on whether prices can push back below $30k again. For now, though, prices have jumped back on crowd fear. Markets move in the opposite direction of crowd expectation,” Santiment highlighted on Twitter. The total market cap of BTC is currently hovering at around $600 billion. During the last 24 hours, Bitcoin’s crypto market dominance dropped nearly 1% after the latest surge in digital currencies like Dogecoin (DOGE) and XRP.
Earlier this week, Jim Cramer, an American television personality and the host of CNBC’s Mad Money, expressed his concerns regarding China’s Bitcoin mining crackdown announcement and mentioned that he has dumped his Bitcoin holdings.
Filipino Artists Participate in Binance NFT Marketplace Launch
This June 24, four Filipino artists will be participating in the official launch of Binance NFT Marketplace “100 Creators Campaign,” an initiative to bring in different types of artists, celebrities & athletes into the platform.
LUIS BUENAVENTURA II
Table of Contents.
Luis is one of the world’s first NFT artists drawing under his own brand “CryptoPOP!” This year, he also had the highest NFT sale by any Filipino artist when he collaborated with Jose Delbo, an Argentinian artist who has worked for DC and Marvel Comics brands in the past. Together, they were able to sell 222 editions for $1,999 each of their art “Satoshi The Creator – Genesis.”
Luis collaborated with Filipino artist Ian Magbanua for the exclusive launch of their new creation: T4NG on Binance’s NFT marketplace.
Marvin Germo is a financial expert, author, and CEO of Stock Smarts Inc. with over thirteen (13) years of experience in the Philippines financial industry. He is one of the most sought after investment speakers.
Pokemen is the visual art project of two musicians Josh Villena (Guitars & Vocals) and Gep Macadaeg (Drums) from Autotelic, a popular Filipino indie-alternative rock band in Manila, Philippines under independent record label Nemesis Music Group, and major record label MCA Music.
“From the original 151 monsters we know today, we thought – what would they actually look like if they were humanized? They are massive. They are muscular. They are ugly. They are Pokémen.”
Ali Young is the first artist under the new independent & Non-Fungible Token (NFT) label Alibatta Records which has been launched in the Philippines. Alibatta, a brainchild of tech executives Geoff Mabasa, Adrienne Cajayon and Charles Gener, is an “entertainment technology” company operating as a music label that provides traditional label services such as artist management, music production and marketing, with the goal of modernizing the way music reaches fans through blockchain technology.
Ali Young debut single album “Craving” will be released in a limited NFT version through the Binance NFT marketplace this June 24. It will be available on major streaming platforms the next day. This sets Ali as the first artist in Southeast Asia to have a simultaneous release of an ‘NFT’ format music album.
Premium Event Auctions
Binance will also have its first Premium event auction, titled ‘Genesis’, which will feature two (2) new iconic digitized artworks of Salvador Dali along with the tribute to Andy Warhol’s original works.
Three Self-Portraits by Andy Warhol
Divine Comedy: rebeget by Salvador Dali
Binance NFT will also feature its first series “mystery boxes”, a way for users to unlock special NFTs. According to Binance, the mystery boxes will contain NFTs ranging from ultra rare, limited edition to more common collectibles.
Lily Lee, Binance PR Manager said in an interview, “100 Creators Campaign is one of the campaigns prepared by Binance NFT, and it is to support and promote innovative creators from around the world and spotlight NFT pieces from different cultures.” Users already on Binance will not have trouble accessing the NFT marketplace because it will have the same account system as Binance.com. That means if you are already on the exchange platform, you are able to access the NFT marketplace and trade with your current funds on Binance.com.
Check out Binance NFT Marketplace launch here.
This article is published on BitPinas: Filipino Artists Participate in Binance NFT Marketplace Launch
Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin
The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]
The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.
The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.
Largest Exit Scam ever?
In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.
The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.
10% Daily Return too good to be true
Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.
For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.
The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.
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