Tuesday, August 16, 2022

Crypto news from Europe: Week in review

The Takeaway:

Week in review: 26 Aug - 31 Aug 2019: The countries in Europe follow a decentralized approach to cryptocurrency regulation. Several regulators oversee the crypto assets in Europe. Miss nothing and stay acquainted with the weekly European crypto trends.

Europe and cryptocurrencies live together in a circle. Where Europe performs strict limitations and regulations on digital coins, cryptocurrencies also regulate the economic growth of Europe.


Crypto News from the UK

FCA grants e-money license to Wirex

The UK’s financial regulation authority, FCA has issued its third e-money license. The administration awarded an operating permit to Wirex, a cryptocurrency company which will support 25 of the crypto coins. The firm’s chief product is the prepaid debit card that turns crypto into fiat currency for everyday use. It also operates a payment network called W-Pay. Previously, the FCA gave legal permission to Coinbase.


NLP calls out on government for non-existent crypto policies

The National Liberal Party (NLP), a political party in the UK, presented its policy for the cryptocurrencies and criticized the government and regulatory authorities for failing to offer proper regulations for the crypto industry. The far-right party described their strategy as the “country’s first coherent cryptocurrency policy.” NLP declared the FCA’s policies troubling and non-existent as the citizens had lost billions through crypto-related frauds. The proposed system addresses several challenges affecting the UK’s crypto sector and called for the formulation of a fund to repay the victims of digital scams.


UK police seize bitcoins worth over a million USD

UK hacker handed over more than a million USD worth of Bitcoins. Grant West,27, had carried out global cyber-attacks on more than 100 companies since 2015. The swindler stored personal information of more 100,000 people and ran a phishing scam masking as a takeaway ordering service. He performed over 47,000 deals from an online store, sold economic data, shipped cannabis, and propagated ‘how-to’ guides instructing others to carry out cybercrimes. The seized digital currency will be sold and utilized to compensate the victims.


Mark Carney proposes the global use of a crypto coin

Mark Carney, the governor of Bank of England, laid out a radical proposal of using a single cryptocurrency for worldwide trade. He suggested the over-reliance on dollar must end and should be replaced by a global digital coin. Carney offered his vision where the international economy is suffering from the US-China trade war, and the threat of currency wars hurt the growth.


Crypto News from Switzerland

FINMA issues license to crypto firms

Switzerland authority, FINMA, issued banking and security license to two crypto firms, SEBA and Sygnum. Sygnum will begin its crypto-related services later this year and also exchange fiat currencies like US Dollars, Swiss Francs, Singapore dollars, and Euros. It has raised a sum of 60 million Swiss Francs so far and looks forward to a banking permit in Singapore. 


Crypto News from Portugal

PTA exempts VAT on cryptocurrency trade and payments

Portugal Tax Authority has excused the cryptocurrencies from the taxations. It was already clarified that digital money income was not subject to tax. Now, the authority revealed that cryptocurrency trading in real currencies and payments will not be taxed in the nation. The crypto transactions are now free from the Value Added Tax(VAT). 


Crypto News from Germany

BMCP attains BaFin license

Black Manta Capital Partners (BMCP) announced their successful reception of the BaFin license. Their Berlin-based entity has acquired a MiFID II license for its regulated STO network. The permit will allow the firm to provide coordinated financial brokerage services using blockchain technology. The company embodies rights to an asset as tokens endured by on-chain contracts. The innovation creates not only unique access to capital for SMEs, real estate projects, startups, commodity markets, or funds but also initiates new investments for the investors.


Crypto News from Dublin

HSBC performed its first transaction on we.trade

HSBC became the first bank to complete financing transaction on we.trade, a Dublin-based blockchain trade platform. we.trade is a Hyperledger Fabric- powered solution for managing, tracking, and protecting open account trade transactions between SMEs in Europe. So far, the platform is backed by 12 shareholders and all 12 banks have signed agreements to use the network by January 2019.

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

William Botello
William Botello
William is a market research coordinator who believes that blockchain technology and cryptocurrencies can revolutionize the financial landscape. He completed his studies in Arts and Sciences from Arizona State University.

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