Cryptocurrency policy revealed by controversial UK party. The far-right party describes this policy in the UK as the first coherent cryptocurrency policy.

The National Liberal Party (NLP) alleged that the current cryptocurrency policy of the UK is non-existent and the government has failed to take a clear stance concerning the regulation.

The UK citizens have been defrauded to a tune of billions, and the NLP has struck an alarmist tone in this regard.  Cryptocurrency schemes are continuing to target customers, and they are operating with freedom from the consequences of an action.

The NLP opines that the official policy of the Financial Conduct Authority (FCA) of UK has been troubling and projects the failure of the Watchdog to protect the public stating, “Consumers should be mindful of the absence of certain regulatory protections when considering purchasing unregulated crypto assets. Unregulated crypto assets (e.g., Bitcoin, Ether, XRP, etc.) are not covered by the Financial Services Compensation Scheme, and consumers do not have recourse to the Financial Ombudsman Service.”

The conservative government currently holding office states that the crypto regulation is necessary; however, the NLP claims that the government has failed to enforce or execute any of such programs. 

The NLP opines that criminal misuse of cryptocurrency should be subject to similar punishments like the money launderers.

The NLP claims to “make the UK a center of legitimate cryptocurrency finance and not the center for crypto crimes that it is today.”

Bakkt previously obtained approval for its Bitcoin futures product through the US Commodity Futures Trading Commission.

The Financial Industry Regulatory Authority (FINRA) approved the application of IOI Capital and Markets, LLC (IOICM) to function as a placement agent for digital private securities, which will be issued through the blockchain-based platform, which was developed by its parent company.

An SEC associate director recently stated, “The securities laws require promoters, including both people and entities, to disclose compensation that they are receiving for touting investments.  This requirement is applicable regardless of whether the securities are issued using traditional certificates or on the blockchain.”

“Operation Crypto Sweep,” an initiative of the North American Securities Administrators Association, has been involved in 35 enforcement actions versus initial coin offerings and related cryptocurrency investment products.

The IRS recently issued its second round of tax warnings to its cryptocurrency investors, and the letters reported that their Federal Tax returns did not match with the information that they obtained from cryptocurrency exchanges.  The IRS acknowledged that the transactions might have made errors in the reporting process; however, the IRS has sent similar letters to investors warning them about how they owe taxes concerning cryptocurrency transactions.