As cryptocurrencies are slowly but surely clawing their way from their niche sector into the mainstream, it inevitably forces regulators to respond. While some countries’ governments were happy to fully embrace cryptocurrencies, others have shown incredible reluctance towards the whole matter.
In the case of the UK, this situation is not exactly clear, as the United Kingdom’s approach to cryptocurrency regulations is somewhat restrained. Weirdly enough, the UK has no specific cryptocurrency laws. However, cryptocurrencies are still not considered legal tender as the regulatory bodies are fully aware of their unique identity. In short, it means that cryptocurrencies can’t really be compared to conventional currencies, investments, or payment options, making the whole taxing process somewhat of a struggle.
In this guide, we will cover the most important aspects of the UK’s crypto regulations in order to help you understand British crypto rules. For starters, we will look at the regulatory bodies in the…