Is cryptocurrency legal in the uk. While a painter and decorator lost his entire 66 000 life savings after.
The result is that bitcoin businesses in the uk are not obliged to register with or be authorised by the fca.
Bitcoin illegal uk. However the uk financial conduct authority fca does have the authority to ban product sales based on bitcoin prices. Laws concerning cryptocurrency bitcoin in the uk are unclear. Cryptocurrency regulation has been very kind to consumers meaning that the likes of bitcoin and ethereum can be purchased with ease.
To answer the question it s perfectly legal for consumers to purchase bitcoin and any other cryptocurrency as of the time of writing. The uk has a well established tradition of self regulation. The uk government cannot legally bar people from buying bitcoins or any other form of cryptocurrency.
To offer trading in cryptocurrency derivatives including bitcoin cfds. The fca proposed new regulations to save british citizens from unfair trading practices in cryptocurrencies. The confusion in british law in regards to cryptocurrency involves exchanges and the business side of cryptocurrency.
You can t ban bitcoin you can ban people selling access to it as an asset albeit a digital one the fca can t stop people buying bitcoin or other cryptocurrencies directly. But is bitcoin legal at the moment. Aggressive cryptocurrency regulation is a very real and present threat and this could stymy growth in this industry.
Whereas the majority of countries do not make the usage of bitcoin itself illegal its status as money or a commodity varies with differing regulatory implications. The legal status of bitcoin and related crypto instruments varies substantially from state to state and is still undefined or changing in many of them. In june the sun warned about a bitcoin scam which used a picture of britain s youngest millionaire to con investors.
In a word yes. On 6 th january 2021 it became illegal for a broker conducting business in the u k.