UK Treasury drawing up new rules to police cryptocurrency markets
Cryptocurrencies will be regulated in a similar way to other financial products under legislation coming into force in 2027,The Treasury is drawing up rules that will require crypto companies to meet a set of standards overseen by the Financial Conduct Authority (FCA),Ministers have sought to overhaul the crypto market, which has ballooned in popularity as a way of investing money and making payments,Cryptocurrencies have not been subject to the same regulation as traditional financial products such as stocks and shares, which means that in many cases consumers do not enjoy the same level of protection,The government said the new rules would make the crypto industry more transparent, boost consumer confidence and make it easier to detect suspicious activity, impose sanctions and hold companies accountable.
Rachel Reeves, the chancellor, said: “Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK, while giving millions strong consumer protections, and locking dodgy actors out of the UK market.”Crypto companies, which can include crypto exchanges and digital wallets, must register with the FCA if they provide services that fall within the scope of the UK’s money-laundering regulations.The changes mooted by the Treasury will bring companies that provide crypto services into the remit of the FCA and mean the services are regulated in the same way as other financial products, including by being subject to transparency standards.Lucy Rigby, the minister for the City of London, said: “We want the UK to be at the top of the list for crypto assets firms looking to grow and these new rules will give firms the clarity and consistency they need to plan for the long term.
”The cryptocurrency market has suffered from turbulence amid growing investor fears about a potential artificial intelligence bubble.Banking industry data in October showed that the amount of money lost to investment scams by UK consumers had surged by 55% in a year, with fake cryptocurrency thought to top the list.A Chinese woman living in the UK was convicted in September over a multibillion-pound bitcoin fraud.Zhimin Qian, also known as Yadi Zhang, orchestrated a fraud in China between 2014 and 2017 that left 128,000 people out of pocket.The 45-year-old stored the proceeds in bitcoin but UK authorities made a breakthrough in the case when they raided a Hampstead mansion in 2018 and seized devices from Qian holding 61,000 bitcoins, worth more than £5bn at current prices.
The Metropolitan police believe it is the largest single cryptocurrency seizure in the world,Qian pleaded guilty at Southwark crown court on Monday to acquiring and possessing cryptocurrency that was criminal property,Ministers are also drawing up plans to ban political donations made with cryptocurrency, amid concerns that it is difficult to determine their origin and ownership,Nigel Farage’s Reform UK, which became the country’s first party to accept contributions in digital currency this year, is believed to have received its first registrable donations in cryptocurrency this autumn,It has set up a crypto portal to receive contributions, saying it is subject to “enhanced” checks.
Reform this month received £9m from Christopher Harborne, a cryptocurrency investor and businessman based in Thailand – the largest donation made by a living person to a British political party,
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Time to wrap up…. on a day in which unemployment has risen on both sides of the Atlantic….The US labor market grew by more than expected last month, recovering some of the damage inflicted by the federal government shutdown, according to official data.An estimated 105,000 jobs were lost in October, and 64,000 were added in November, a highly-anticipated report showed on Tuesday.Jobs growth was higher in November than anticipated by many economists, with a consensus forecast of some 40,000 jobs added
US lost 105,000 jobs in October and added 64,000 in November, according to delayed data
The US labor market grew by more than expected last month, recovering some of the damage inflicted by the federal government shutdown, according to official data.An estimated 105,000 jobs were lost in October, and 64,000 were added in November, a highly-anticipated report showed on Tuesday.Jobs growth was higher in November than anticipated by many economists, with a consensus forecast of some 40,000 jobs added.But the headline unemployment rate continued to climb – and hit 4.6%, a four-year high, last month – amid apprehension around the strength of the US economy
Water levels across the Great Lakes are falling – just as US data centers move in
The sign outside Tom Hermes’s farmyard in Perkins Township in Ohio, a short drive south of the shores of Lake Erie, proudly claims that his family have farmed the land here since 1900. Today, he raises 130 head of cattle and grows corn, wheat, grass and soybeans on 1,200 acres of land.For his family, his animals and wider business, water is life.So when, in May 2024, the Texas-based Aligned Data Centers broke ground on its NEO-01, four-building, 200,000 sq ft data center on a brownfield site that abuts farmland that Hermes rents, he was concerned.“We have city water here
Boost for artists in AI copyright battle as only 3% back UK active opt-out plan
A campaign fronted by popstars including Elton John and Dua Lipa to protect artists’ works from being mined to train AI models without consent has received a boost after almost every respondent to a government consultation backed their case.Ninety-five per cent of the more than 10,000 people who had their say over how music, novels, films and other works should be protected from copyright infringements by tech companies called for copyright to be strengthened and a requirement for licensing in all cases or no change to copyright law.By contrast, only 3% of people backed the government’s initial preferred tech company-friendly option, which was to require artists and copyright holders to actively opt out of having their material fed into data-hungry AI systems.Ministers subsequently dropped that preference in the face of a backlash. Artists who have opposed any dilution of their copyright include Sam Fender, Kate Bush and the Pet Shop Boys
Christmas Test a window to the world as Australia reels in wake of Bondi atrocity | Barney Ronay
The third Ashes Test in Adelaide will not be the first to take place in the shadow of modern-day acts of terror. The 2005 series in England began two weeks after the 7 July London bombings, which killed 52 people. Day one at Lord’s coincided with an aborted follow-up atrocity that failed only because of the incompetence of those involved. Twenty years on, after the murder of at least 15 people at Bondi beach on Sunday during a Hanukah celebration, the most heinous act of terror on Australian soil, the Australian government has bolstered its security operation for Adelaide.There are practical consequences
Harlequins coach refuses to rule out move for Northampton back George Furbank
The Harlequins senior coach, Jason Gilmore, has praised the ability of Northampton’s George Furbank and declined to rule out a move for the England back.The 29-year-old Saints star is out of contract next summer and has reportedly held talks with the south‑west London club over a switch from the 2023-24 Premiership winners.Gilmore, who is preparing the Harlequins squad for Big Game 17 against Bristol Bears at Twickenham on Saturday, said he is an admirer of the England international but he refused to comment on specific “ins and outs”.“George is a good player, isn’t he? And a good leader,” Gilmore said, when asked about transfer speculation surrounding the full‑back, who made his international debut under Eddie Jones in 2020.“He’s going to attract interest
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