ChainCatcher news, 5Money and Storible conducted a study investigating 1,544 global crypto projects from January 2022 to October 2024. The data shows that the United States accounts for as much as 43% of crypto scams, while China and the United Kingdom account for 8% and 7% respectively.In terms of the number of failed projects, the United States also ranks first, accounting for 33%. China (7.63%), the United Kingdom (7.22%), South Korea, and Singapore also have failure rates exceeding 6%, ranking high in the survey results.

ChainCatcher news, according to CoinDesk, UK Economic Secretary Tulip Siddiq announced at the City & Financial Global Tokenization Summit in London on November 22, 2024, that the UK plans to launch a regulatory framework for the cryptocurrency industry in early 2025. The new framework will separate stablecoins from the existing payment system and establish specific regulations for staking services to prevent them from being classified as collective investment schemes.This move ends the uncertainty in the market regarding the direction of cryptocurrency regulation since the Labour government took office in July 2024. The previous Conservative government had already included cryptocurrencies in the scope of regulated activities under the Financial Services and Markets Bill.

ChainCatcher news, according to Crowdfund Insider, the Gemini 2024 Global Cryptocurrency Report shows that UK crypto asset holders remain "unaffected" by market pressures, with 93% of existing cryptocurrency holders likely to purchase cryptocurrencies in the coming year. The proportion of UK holders owning cryptocurrencies remains stable at 18% in 2024, the same as two years ago.In addition, the cryptocurrency sell-off rate in the UK this year is relatively low, with only 15% of holders selling cryptocurrencies in the past six months, a figure lower than that of the US, France, and Turkey. UK cryptocurrency holders demonstrate a commitment to this asset class, with 59% willing to allocate at least 5% of their portfolios to cryptocurrencies, which is 2% higher than the global average.However, UK respondents continue to express concerns about the need for a "clear" regulatory framework for digital assets, with 49% stating that clearer government regulation would enhance trust.

ChainCatcher news, according to DLNews, UK Chancellor Rachel Reeves has announced the first budget proposal, raising the highest capital gains tax rate from 20% to 24%, and increasing the lower rate from 10% to 18%. Although the increase is lower than the tech industry's previous expectations, it has still faced criticism from representatives of the crypto industry.A spokesperson for CryptoUK expressed disappointment to the media that the Chancellor failed to seize the opportunity to unify the digital asset tax system with traditional trading, and also did not provide clearer tax guidance for the industry, leaving many startups, growth-stage companies, and investors in a state of uncertainty.Reeves stated that the tax rate adjustments aim to fill the £22 billion public spending gap left by the Conservative government. She pointed out that even after the increase, the UK's tax rates remain lower than those of other European G7 economies.

ChainCatcher news, according to CNBC, Circle's global policy chief Dante Disparte stated that he believes the UK will soon introduce legislation regarding stablecoins, which are cryptocurrencies designed to maintain a fixed peg to government currencies such as the US dollar or the British pound.During an interview with CNBC last week while in London, Disparte said, "I think we are only a few months away from the formal launch of stablecoin market legislation, rather than years." When CNBC reached out to the UK Treasury and the Bank of England, they had not yet provided a comment.

ChainCatcher news, the UK government has announced the abandonment of sovereignty over the Chagos Archipelago in the Indian Ocean, transferring it to the neighboring island nation of Mauritius. Once the treaty is signed, the British Indian Ocean Territory will cease to exist. International organizations will update their records.Previously, the Internet Assigned Numbers Authority (IANA) nominally assigned ".io" as the country code top-level domain (ccTLD) to the British Indian Ocean Territory. The return of the Chagos Archipelago will lead to the disappearance of the British Indian Ocean Territory, and the corresponding ISO-3166 two-letter country code IO and ".io" domain may also be revoked.It is reported that many users and businesses view ".io" as a generic top-level domain (gTLD), rather than one specific to a particular country/region. As of 2023, approximately 1.2 million ".io" domains have been registered, a significant portion of which are associated with cryptocurrency-related companies.

ChainCatcher news, Singapore's Deputy Prime Minister Gan Kim Yong announced that the Singapore police are investigating seven individuals suspected of providing Worldcoin account and token trading services. This investigation involves potential violations of the 2019 Payment Services Act.Deputy Prime Minister Gan Kim Yong stated clearly in response to questions from Members of Parliament Rachel Ong and Derrick Goh that, according to data provided by the Monetary Authority of Singapore, Worldcoin does not meet the definition of payment services under the PS Act, and activities involving Worldcoin accounts and token trading may involve payment services.Last month, the police arrested five individuals suspected of providing services to buy or sell Worldcoin accounts and tokens. Three men are suspected of recruiting individuals on behalf of multiple entities to create Worldcoin accounts, which they then controlled in exchange for cash. These assets were subsequently handed over to a fourth man and a woman, who are believed to be involved in the purchase and management of the transfer of these assets. During the operation, the police seized over 200 mobile phones as evidence.The Worldcoin project aims to create a global digital identity, but the collection of its biometric data has raised global privacy concerns. Regulators in France, the UK, Hong Kong, Colombia, and Argentina are investigating this matter.

ChainCatcher news, before the new Chancellor of the Exchequer, Reeves, delivers his first speech in Parliament, Neil Shearing, Chief Economist at Capital Economics, stated that the UK's fiscal rules are arbitrary and unhelpful, but the new government seems unlikely to make changes. Reeves has committed to continuing the fiscal rules left by the previous government, which stipulate that the ratio of national debt to GDP must decline in a certain forecast year, a practice deemed "madness." This is because such forecasts are unreliable and can tie the government's hands. However, Reeves could push for a modification of the definition of national debt, which could free up some fiscal space without significantly increasing taxes. (Jin Shi)

ChainCatcher news, Kraken Institutional stated in a blog post that it has expanded its Kraken Custody service to institutional clients in the UK and Australia. The blog post mentioned that Kraken Institutional already has a strong presence in the UK and Australia, and with this new expansion, the crypto custody product will provide solutions focused on security and customer service for clients there.Tim Ogilvie, Global Head of Kraken Institutional, stated that Kraken will not stop at the UK and Australia and plans to expand its global business by entering other markets, including the EU, Switzerland, the Cayman Islands, and the British Virgin Islands.

ChainCatcher message, Bitcoin Archive tweeted that Bloomberg stated the UK should sell its $5 billion worth of Bitcoin.

ChainCatcher news, according to financefeeds, dozens of countries including the US, Japan, and the UK have signed a joint statement agreeing to a set of cryptocurrency tax rules developed by the OECD, known as the Crypto Asset Reporting Framework (CARF). The joint statement indicates that the signatory countries will accelerate the transformation of CARF into domestic legislation and promptly initiate exchange agreements to facilitate exchanges starting in 2027.The report notes that the Crypto Asset Reporting Framework (CARF) is expected to be launched in 2027 for information sharing, as part of these countries' efforts to combat tax evasion using digital assets.

ChainCatcher news, according to The Block, MoonPay announced that users in the UK and EU can now purchase cryptocurrencies using PayPal. MoonPay also stated that customers can buy cryptocurrencies using their existing PayPal balance, bank withdrawals, or debit cards.Previously, the two companies launched a similar integration in the United States last month. MoonPay stated that 100% of users in the US can use the PayPal integration. As of last month’s announcement, US users can buy and sell over 110 cryptocurrencies using PayPal.

ChainCatcher news, the UK's Financial Conduct Authority (FCA) has issued a warning against a cryptocurrency investment company named Digital Assets Nest, stating that the company is promoting financial services without proper authorization, posing risks to investors.

ChainCatcher news, the UK will hold an early election on July 4, which may result in the pro-cryptocurrency Conservative Party losing power.The Conservative Party has stated that it wants the UK to become a crypto hub and has played a significant role in recognizing digital assets as regulated financial services through legislation.According to the latest polls, the Labour Party is leading in the upcoming election and plans to transform the UK into a tokenization center, supporting the Bank of England's digital pound initiative, but has yet to make a statement on cryptocurrency legislation.

ChainCatcher news, according to CoinDesk, UK Economic Secretary Bim Afolami stated on Wednesday that the current UK government will implement stablecoin and staking legislation in the coming weeks.It is reported that the general election is expected to be held in the second half of this year, leaving the ruling Conservative Party with little time to implement all the cryptocurrency measures they promised. Afolami mentioned last month that the government plans to introduce new laws regarding stablecoins, staking, and cryptocurrency custody and exchanges before July.

ChainCatcher news, UK Chancellor Bim Afolami stated that the UK will introduce new legislation regarding stablecoins as well as cryptocurrency staking, trading, and custody before June or July of this year. The Conservative-led government expressed its desire to make the UK a global cryptocurrency hub and passed legislation last year recognizing cryptocurrencies and stablecoins as regulated financial activities in the country.

ChainCatcher news, according to Bloomberg, the United States and the United Kingdom are reviewing over $20 billion in cryptocurrency transactions conducted through a Russian virtual trading platform. Sources say the payments under scrutiny were made using the Moscow-based cryptocurrency exchange Garantex with the dollar-pegged cryptocurrency Tether (USDT).It is reported that the U.S. and the U.K. imposed sanctions on Garantex in April 2022, citing its alleged involvement in money laundering, terrorist financing, and ransomware attacks. This $20 billion transaction would be one of the most serious violations since the sanctions began.

ChainCatcher news, recently, there has been new progress in the legal dispute regarding the identity of Satoshi Nakamoto and the rights to Bitcoin. A UK judge has rescheduled the trial between Craig Wright (Faketoshi) and Bitcoin core developers to February 5.On December 15, during a pre-trial review, Justice Edward James Mellor allowed Wright to submit an additional 97 documents to support his claims. These documents were allegedly found on two USB drives discovered in his home drawer in September, including LaTeX files—an open-source document preparation system used for drafting the Bitcoin white paper. Bitcoin developers accuse Wright of fabricating evidence, forging and tampering with metadata, and deliberately delaying the litigation process. According to them, the new documents were revealed only after they submitted 50 pieces of evidence proving that the materials previously submitted by Wright were forged.Judge Mellor also approved a second security application from the developers, ordering Wright to pay an additional £800,000 (approximately $1 million) by January 5 to cover the developers' legal costs in case of losing the case. Wright has deposited £100,000 (approximately $127,000) as a bond.