Bitdeal - a top-notch Blockchain Development Company in the United Kingdom, proudly providing the high-grade Blockchain Development Services In the UK and other European countries. we have been giving rise to startups, enterprises and turning every business to a profitable solution through our robust blockchain solutions.
We help every business in the United Kingdom reap the benefits of Blockchain Technology in the following industries of Real Estate, Port Connectivity, IT Services, Public Services, and Health care.
State of Crypto and Blockchain in the UK
Cryptocurrency Regulation In UK
The United Kingdom is widely known as the home of both modern parliamentary democracy and the Industrial Revolution. As the UK is having the world’s most effective business and investment environments it is ranked 3rd among 44 countries in the Europe region.
The UK is being considered as the forerunner of the fin-tech industry having more than 1600 firms and generating GBP 6.6B of annual revenue per year. Though, the government of the UK has not yet announced cryptocurrency is a Legal tender and also it has not banned crypto.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, undergoing a study on cryptocurrency and its technologies, evaluating the risks and benefits.
Recently, The Financial Conduct Authority (FCA) announced certain guidance on cryptocurrencies and also given an important clarification toward cryptocurrency regulations.
- Bitcoin and Ethereum are considered as Exchange Token.
- Unregulated but still fall under anti-money laundering regulations
- These tokens are considered as Specified investments under the Regulated Activities Order (RAO)
- These Token Provide rights such as ownership, repayment of money, share in future profits, transferable securities under MiFID II - Markets in Financial Instruments Directive II.
- Fall under FCA's regulatory jurisdiction.
- Stablecoin is defined as e-money, which will fall under FCA's regulation.
- Except, Security tokens and e-money tokens others like utility tokens are unregulated tokens.
Blockchain Regulation In UK:
The rise of cryptocurrencies has paved the way for blockchain technology and is moving swiftly worldwide. In Uk, there is no such official legislation to the use of blockchain technology from the Uk regulatory body, the Financial Conduct Authority(FCA).
One Step Forward, the FCA has declared that 29 companies were accepted into the 4th regulatory sandbox in July 2019 and 11 of these firms are blockchain startups. This Regulatory Sandbox allows companies to set their projects in the UK regulatory environment.
Recent two reports were published by two independent think tanks, have indicated that the UK government is taking the use of distributed ledger technology (DLT) into consideration to deliver more and better quality public services.
The First Report, "The Future of Public Service Identity," which was published by London-based think tank Reform.
Nowadays the government’s identity management is inefficient and inconvenient. So this report demonstrates how the blockchain could be used for identity management. As the blockchain is decentralized, all data will be visible to both the citizens and government departments, hence there is no need for the citizens to provide their details very often to access public services.
The Second Report,” Distributed Ledger Technologies for Public good” which was released by the House of Lords, the upper chamber of the UK parliament.
This report conveying the opportunity of blockchain technology across government service sectors includes customs and immigration, national security and public safety, healthcare, cybersecurity and more by having possible applications. This will encourage the trust relationship between the government and the public via a decentralized mechanism.
Cryptocurrency Taxation in the UK:
Her Majesty’s Revenue and Customs(HMRC) is the authority in the EU responsible for the collection of taxes has released taxation guidance in 2014.
There will be two types of tax namely capital gains tax (CGT) and income tax (IT). As the Cryptoassets are predominantly taken as an investment property, taxpayers are subject to CGT on the disposal of their crypto assets.
The tax rate will be 10% or 20% based on their level of income.
Taxation may include,
selling od crypto assets for money
for different types of crypto asset exchange
payment of crypto assets for goods or services
Gifting crypto assets to other people.
Prospects of Blockchain-based industry in the UK:
Blockchain has been considered as a real-world application to various industries in the UK.
Blockchain in real estate aims to combat delays and uncertainty in real estate transactions. HMLR has announced its utility of blockchain prototype in the sale of the house for a transparent, quick, and trustworthy sale.
Also, HMLR aims to become “the world’s leading land registry”.
Here, the Blockchain Technology is to improve the port connectivity. The memorandum of understanding (MOU) has been signed between Associated British Ports (ABP) and Marine Transport International (MTI).
The British port project will cover ABP’s 21 ports across the UK, which together handles 25% of the country’s seaborne cargo.
In the Medical industry, Blockchain Technology helps the patients and doctors to easily access the healthcare records and provides the patient with flexible access to telemedicine services. Payments can also be done in cryptocurrency.
The goal of blockchain technology is to improve health services not only in the UK but also worldwide.
The Blockchain and distributed ledger technology in Banking are evolving rapidly. In real-time, this trusted platform securely transmit data and value.
It will help the bank by reducing the cost of payment processing also generate revenue by creating new products and services.
Bitdeal - Blockchain Development Company in the UK
We at bitdeal having geographically scattered experts of various specializations, have been doing a profound research on the use case of blockchain in distinct industry verticals such as real estate, banking, Insurance, Telecom, Healthcare, and Supply Chain and so on.
we always keep efforts on our creative imagination and innovative knowledge to provide top Blockchain Development Services in London
Our Blockchain Development Services
Private Blockchain Development
Exchange Application Development.
Our other crypto-related services include
Decentralized Exchange Development
Crypto Exchange Clone Development
ICO/ STO / IEO Development
Cryptocurrency Wallet Development and so on.
Transform Your Idea into Potential Product with Blockchain Application Development Company - Bitdeal.
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