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.
‘Every chef should train here’: Turkish restaurant ranks fourth on list of London’s top food spots
On a list of London’s best restaurants, you would expect to see the usual Michelin-starred suspects such as The Ledbury, Ikoyi and The Ritz. But high among these culinary heavyweights sits a humble salonu tucked away in the depths of north London.Neco Tantuni, a small Turkish eatery specialising in the foodie delights of Mersin, a city located on the southern coast of Turkey, has been crowned the fourth best restaurant in London by Vittles, the trendy food magazine that has become a bible for those looking for the best (and more off-the-radar) grub in the capital.“I’m totally shocked,” says Eren Kaya, whose parents hard graft has resulted in their restaurant, situated in a far-flung corner of Enfield, being placed near the top of the 99-strong list.The small shop, which was a greasy spoon cafe before being transformed into the hugely popular food hotspot, hasn’t fully shed the character of its former self
Ho, ho, Hamburg: bringing the flavours of a true German Christmas market home
From glühwein to lebkuchen, bratwurst to stollen, recreating the delicacies I sampled in the city’s festive markets is wholly achievable. Plus, a new digital cookbook for a good cause Sign up here for our weekly food newsletter, FeastWithout wanting to sound tediously Scrooge-like, the German-style markets that have become seasonal fixtures in many British cities over the last few decades never make me feel particularly festive. What’s remotely Christmassy – or German – about Dubai-chocolate churros and Korean fried chicken, I grumble as I drag the dog (who enjoys all such things) around their perimeters.Hamburg’s markets, however, which I was myself dragged around last weekend, are a very different story. For a start, the city has many of them, mainly fairly small – and some, such as the “erotic Christmas market” in St Pauli, with a particular theme
Christmas gift ideas for drinks lovers, from champagne to canned cocktails
Don’t get pulled in by silly gadgets: buy presents you’d be happy to receive yourselfThe Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Alcohol is an unavoidable part of a festive spread (for more advice on which wines, beers and other drinks I like for each and every occasion, take a look at last week’s Christmas drinks guide), but, sometimes, a drink deserves a place under the tree as well as around it – especially if it’s an easy win for a drinks devotee for whom you need to buy a prezzie.The Guardian’s journalism is independent
Nine bring-a-plate ideas for Christmas drinks, barbecues and dinner parties this summer – recipes
Like nibblies, the concept of bringing a plate to a social event or a host’s home can be deeply confusing across cultures and generations. Are you carting canapes? Are you slinging salad? Are you delivering dessert? If we’ve learned anything from the tragedy of Romeo and Juliet, it’s that communication is key. So if you’re unsure about what your host expects, just ask.Below are nine summer-friendly recipes to suit various bring-a-plate scenarios: one-bite snacks that go with cocktails, salads to bring to barbecues and make-ahead dessert for dinner parties, arranged in each category from easiest to most ambitious.And if time is seriously short, you could throw together a pleasingly arranged antipasto-ish plate comprised of Guardian Australia’s top supermarket taste test products: crackers, feta, salami and pickles
Toffee Crisp and Blue Riband no longer called ‘chocolate’ after recipe change
Toffee Crisp and Blue Riband bars can no longer be called chocolate after Nestlé reformulated their recipes due to the increasing cost of ingredients.The Swiss conglomerate now describes the treats as being “encased in a smooth milk chocolate flavour coating”, rather than being covered in milk chocolate.In the UK, a product needs to have at least 20% cocoa solids and 20% milk solids in order to be described as milk chocolate, a level each product fell below after a higher amount of cheaper vegetable fat was used.Nestlé said the changes were necessary due to higher input costs but were “carefully developed and sensory tested”, adding there were no plans to alter the recipes of other chocolate products.A spokesperson for Nestlé said it had seen “significant increases in the cost of cocoa over the past years, making it much more expensive to manufacture our products
How to use a spent tea bag to make a boozy, fruity treat – recipe | Waste not
Save a used teabag to flavour dried fruit, then just add whisky for a boozy festive treatA jar of tea-soaked prunes with a cheeky splash of whisky is the gift you never knew you needed. Sticky, sweet and complex, these boozy treats are wonderful spooned over rice pudding, porridge, yoghurt, ice-cream or even panna cotta.Don’t waste a fresh tea bag, though – enjoy a cuppa first, then use the spent one to infuse the prunes overnight. Earl grey adds fragrant, citrus notes, builders’ tea gives a malty depth, lapsang souchong brings smokiness, and chamomile or rooibos offer softer, floral tones. It’s also worth experimenting with other dried fruits beyond prunes: apricots, figs and/or dates all work beautifully, too
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