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UK gov’t introduces bill to clarify crypto’s legal status

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The UK Parliament is poised to debate a significant piece of legislation aimed at defining the legal status of cryptocurrencies within the country. The proposed bill seeks to provide greater clarity and regulatory oversight in the rapidly evolving digital asset sector.

This legislation is designed to address growing concerns over the regulatory framework for cryptocurrencies, which have seen a surge in popularity and adoption in recent years. As the digital currency landscape continues to expand, the need for a clear and comprehensive legal structure has become increasingly apparent.

Key provisions of the bill include establishing clearer guidelines for cryptocurrency transactions, trading, and taxation. It aims to enhance consumer protection and prevent illicit activities associated with digital assets. The bill also proposes the introduction of a regulatory body to oversee and enforce these new regulations.

Supporters of the bill argue that it will help foster innovation within the sector while ensuring that market participants operate within a well-defined legal framework. They believe this will attract more investment and enhance the UK’s reputation as a leading hub for cryptocurrency and blockchain technology.

Critics, however, have expressed concerns that the bill might stifle innovation or impose overly stringent requirements that could hinder the growth of the industry. They argue that a balance must be struck between regulation and the need for a flexible, forward-thinking approach to accommodate the fast-evolving nature of digital assets.

The debate over the bill highlights the broader global discussion on how best to regulate cryptocurrencies. Many countries are grappling with similar issues as they seek to harness the benefits of digital currencies while mitigating potential risks.

The UK Parliament is expected to review and vote on the bill in the coming weeks. If passed, it could mark a significant step in shaping the future of cryptocurrency regulation in the UK and set a precedent for other nations grappling with similar challenges.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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