ChainCatcher news, on-chain data from Arkham shows that the UK government currently holds over 61,000 BTC, with a total value exceeding $6 billion. Compared to $4 billion in March, the total value of its holdings has increased by $2 billion.

ChainCatcher news, according to Bloomberg, the UK government will announce its plans to regulate the cryptocurrency industry this month, aiming to address the appeal of the cryptocurrency sector led by Donald Trump in the United States and to reassure businesses about their prospects in the UK.Insiders say that the UK Treasury plans to introduce two pieces of legislation regarding stablecoins, as well as exemption clauses for cryptocurrency providers requesting to exclude so-called staking services from current financial regulations.After Trump's election victory, the cryptocurrency industry celebrated this win, driving up asset prices including Bitcoin, while the UK decided to advance cryptocurrency regulation. The risk for the UK is that startups may choose other jurisdictions, such as the United States, where the rules are clearer or more favorable.

ChainCatcher news, according to Bloomberg, informed sources revealed that the UK plans to start issuing digital government bonds within the next two years. Chancellor of the Exchequer Rachel Reeves is expected to announce a trial issuance of digital bonds during her speech at Mansion House in the City of London on Thursday. Traditionally, the Chancellor uses this forum to announce policies that support the financial sector.The new Labour government is working to modernize the financial markets and is currently utilizing blockchain technology to "tokenize" government debt, hoping that this move will make government bond trading faster and cheaper.Amid the digital transformation, the UK government is undertaking a £297 billion ($382 billion) borrowing plan, the second-largest borrowing plan in history, with sales expected to remain high in the coming years. Informed sources indicated that legislation may need to be submitted to Parliament to proceed with blockchain-based sales. The UK Treasury declined to comment.

ChainCatcher news, according to The Block, the UK government submitted a bill to Parliament on September 11, aiming to officially define crypto assets (including NFTs and RWAs) as property. Minister of State for the Ministry of Justice, Heidi Alexander, stated that previously digital assets were not clearly defined within the property law framework in England and Wales, leaving asset owners in a legal gray area. If the bill is passed, it will introduce a third category of property in addition to the existing "real property" and "rights property," granting specific digital assets personal property rights.Alexander emphasized that the bill aims to maintain the UK's leading position in the global crypto space and attract more businesses and investments. Digital assets contribute £34 billion to the UK economy each year. The bill is a response to the UK Law Commission's 2023 report, which noted that while digital assets do not fall under real property or rights property, they should be regarded as property.

ChainCatcher news, according to Bitcoin News, the UK advocacy group "Bitcoin Policy UK" urges the new government to leverage Bitcoin mining to strengthen the country's renewable energy grid."Bitcoin mining is the only technology that can provide fully elastic demand for surplus renewable energy; it sets a 'floor price' and monetizes the supply, which would otherwise go unused or even be reduced to cost price."

ChainCatcher news, the expert known as the "godfather of artificial intelligence," Geoffrey Hinton, recently consulted with members of the UK government at Downing Street, suggesting that lawmakers consider adopting Universal Basic Income (UBI) to address the impending threat of unemployment.Hinton believes that the AI revolution will primarily benefit the wealthy. Laypeople, blue-collar workers, and those in jobs that can be automated may lose their sources of income. He stated in a recent interview with the BBC, "This will be detrimental to society."Hinton indicated that before the issue becomes urgent, he estimates "within the next 5 to 20 years from now, we have a 50% chance of having to face the problem of AI trying to take over."

ChainCatcher news, on-chain data from Arkham shows that the UK government currently holds over 61,000 BTC, with a total value exceeding $4 billion. It is reported that the London Metropolitan Police seized 61,000 bitcoins from Jen Wen and Zhimin Qian in 2018.

ChainCatcher news, UK MP Natalie Elphicke has called on the government to do more work on blockchain at an event in the House of Commons. Elphicke stated that blockchain is a field with great potential to enhance transparency in global supply chains or to be used for digital identity and data purposes.

ChainCatcher news, the UK government is urging cryptocurrency users to voluntarily disclose any unpaid capital gains or income tax to avoid penalties, and has released guidelines for tax payments. Users who have already disclosed can pay all necessary amounts within 30 days from the date of disclosure. The post states that if this is not completed by the deadline, HM Revenue and Customs (HMRC) will take steps to recover the funds, and users may face penalties.

ChainCatcher news, a16z policy chief Brian Quintenz posted on social media that the UK Treasury has issued a conclusive statement regarding the regulatory framework for crypto assets, which is exciting. Andrew Griffith MP, the Economic Secretary to the Treasury, has made it very clear that the government is keen on embracing blockchain and crypto innovation, and its ambition to make the UK a global hub for crypto asset technology remains steadfast. Now, with the future regulatory framework taking shape and the passage of the Financial Services and Markets Bill, the UK will begin and expand its crypto asset business.Specifically, the summary of the UK Treasury's response is as follows:Temporarily excluding airdrops from the scope of token issuance regulation, considering them not to constitute a public offering.Clearly stating that NFTs are not within the regulatory scope, specifically citing in-game purchases and sales of digital items as examples of non-financial services activities.Reiterating a cautious approach to DeFi and formally acknowledging that as the crypto asset industry grows and financial markets continue to adopt blockchain-based solutions, DeFi may play an important role in financial services. Therefore, in line with the government's forward-looking approach to innovation, it does not intend to ban DeFi.Strongly opposing the characterization of crypto trading as gambling or directly banning crypto trading, arguing that these approaches deviate from international regulatory workflows and harm crypto-based innovation.More detailed information regarding the concept of decentralization is still needed to ensure that regulators fully recognize the core advantages of the technology and protect customers from the traditional risks of centralization. We remain optimistic about HMT or regulators further exploring and emphasizing this issue.The UK is making great strides to establish itself as a global Web3 hub.

ChainCatcher news, the UK government will conduct a public consultation on banning cold calls related to cryptocurrencies as part of a major initiative to reduce fraud. The consultation consists of 19 questions and will run from this month until September 27, aiming to explore the best ways to design and implement the ban.UK Treasury Economic Secretary Andrew Griffith said: "We want the public to know that any unsolicited calls promoting financial products such as crypto assets or insurance are scams."

ChainCatcher news, the UK is considering establishing a new framework to manage the trading and lending of digital assets, with Binance and Circle providing feedback to the UK government.Binance stated that special attention needs to be paid to consumer protection, market integrity, and financial stability, but warned that excessive regulation could "unintentionally stifle innovation and growth, eliminate choice and competition, and potentially push consumers towards unregulated markets or operators." While disclosure requirements should "provide consumers with the right information," Binance expressed doubts about whether trading platforms can "bear the traditional responsibilities of issuers" in the absence of an issuer. It also stated that decentralized finance needs to be "carefully defined," taking into account and adapting to differences when drafting new rules.Binance CEO CZ tweeted, "Listing and delisting should be handled by each trading platform, which should be responsible for providing consumers with the right information according to clear disclosure rules and conducting thorough due diligence." CZ added that the company supports the introduction of a Crypto Market Abuse Regime "to mitigate the unique risks and challenges of cryptocurrencies."Circle stated that the UK should make the registration process for digital asset companies "simple and transparent, with a clear indicative timeline, and feedback from regulators on what constitutes good or bad practices." Circle urged the UK Treasury to promptly disclose its plans for regulating fiat-backed payment stablecoins, further clarifying the distinction between 'crypto asset' activities and those related to payment stablecoins involving payment service providers. (source link)

ChainCatcher news, A16z Crypto urges the UK to consider adopting a "more nuanced approach" to regulating digital assets, as the country is contemplating establishing a new framework to manage trading and lending.a16z Crypto stated in a letter to the UK Treasury that a "one-size-fits-all" approach to crypto asset trading regulation does not align with its core design principle of "same risk, same regulation." Policymakers and regulators need to develop a "more unified" understanding of how decentralization operates within Web3 systems.Furthermore, a16z Crypto believes that the regulatory framework should include "principles-based analysis," considering whether the structure of a given platform or protocol has already mitigated potential risks. More specifically, regulations should not unnecessarily hinder the decentralization of projects. (The Block)

Chain Catcher news, the UK government plans to introduce the Economic Crime and Corporate Transparency Bill to combat fraud and money laundering activities to protect the UK economy. The new bill will make it easier and more effective for law enforcement agencies, such as the National Crime Agency, to seize, freeze, and recover crypto assets.It is reported that after the first reading of the new bill in the House of Commons today, a second reading is expected to take place on October 13. (The Block)