Bank of England Governor Andrew Bailey thinks it is unlikely that the current generation of crypto assets lack the design and structure needed to ensure long term regulatory survival. Speaking during the World Economic Forum’s Jan. 25 online panel “Resetting Digital Currencies” Bailey responded to a question on whether cryptocurrencies are here to stay for the long term with skepticism: “Are crypto-currencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don't think we're there yet [...] I don’t think …

Digital asset custodian Komainu is working with authorities in the United Kingdom to store crypto confiscated as part of criminal investigations. Komainu is a custody venture from Japan-based global investment bank Nomura, digital asset manager CoinShares, and hardware wallet manufacturer Ledger. The firm announced it has made an agreement to “securely store digital assets seized during the investigatory process” for police forces in England, Wales, Northern Ireland, and Scotland following a commercial tender with the Derbyshire Constabulary in the East Midlands region. The announcement stated that it has the support of Coinshares as well as Gentium, a consultancy service for …

Public distributed ledger network Hedera Hashgraph is being used by a United Kingdom-based digital asset tracking provider called Everyware to provide the country's National Health Service with a system for managing its COVID-19 vaccine storage. Several of the widely-used COVID-19 vaccines being administered at present require ultra-cold storage conditions in order to remain effective, presenting a significant challenge for public and private health services around the world. To ensure that COVID-19 vaccine maintenance can be securely and transparently monitored by participants in the distribution process in the U.K., Everyware will provide several NHS facilities with its asset tracking and monitoring …

The world’s largest producer of palladium and high-grade nickel, Norilsk Nickel, is pressing ahead with its digital technologies strategy. As of Jan. 18, Nornickel's Global Palladium Fund has launched exchange-traded commodities, or ETCs, for metals on the Deutsche Börse, which are custodied by TokenTrust AG and also make use of its distributed ledger platform, Atomyze. Nornickel's Global Palladium Fund intends to launch the ETCs on the London Stock Exchange "within a few days." An ETC, which is an instrument that is tradable like a stock or share, offers traders and investors exposure to an underlying commodity — in this case, …

Neil Liversidge, a veteran financial advisor, has called on the government of the United Kingdom to ban transactions in cryptocurrencies like Bitcoin (BTC). Liversidge, the owner of the independent financial advisory firm West Riding Personal Financial Solutions, started a petition urging local financial authorities to stop crypto transactions in the U.K. The petition reads: “Legislate to prohibit the payment by or acceptance of cryptocurrencies by UK resident businesses or individuals, and require UK regulators (the FCA and PRA) to prohibit transactions by UK financial institutions in cryptocurrencies such as Bitcoin.” Liversidge cited a common anti-crypto narrative, arguing that cryptos like …

Digital asset exchange Dacxi is joining CryptoUK, a self-regulatory trade association for the U.K. cryptocurrency industry. According to an announcement from CryptoUK today, Dacxi will be joining the group as its 8th executive member alongside exchanges Binance.UK, Coinbase, CryptoCompare, Electroneum, eToro, Ripple and Simmons & Simmons. Executive members are responsible for collaborating "to lead the association’s strategic direction" in addition to working with government policy makers in the U.K. to develop a regulatory framework for crypto. Katharine Wooller, the managing director of Dacxi’s U.K. arm, said the addition of the exchange was evidence of the firm’s “growing role and influence …

It has stated a variety of reasons for why the products cannot be “reliably valued” by retail consumers, such as financial crime, volatility and an inadequate understanding of crypto assets being the main ones. It was estimated that retail investors will save $53 million due to this ban. This is despite the FCA releasing a research stating that U.K. consumers have invested an estimated $2.6 million in crypto assets. Although the main intention of this ban is to protect retail investors from the complexity of these products, the assumption that retail investors in the U.K. have an inadequate understanding of …

The chairman of a British investment firm says Bitcoin (BTC) is a seemingly “non-sensical” asset — but one that still makes sense after the coin’s winter price movement proved profitable. His firm, Ruffer Investment company, converted a portion of its gold holdings into Bitcoin in November. Ruffer Investment Company Limited reallocated 2.5% of its Multi-Strategies Fund from gold to Bitcoin in November as a hedge against the “continued devaluation” of fiat. Since then, the value of gold appreciated by 4%, while the value of Bitcoin grew by 92% — a figure which briefly rose to 123% during BTC’s short stay …

The United Kingdom's financial regulator, the Financial Conduct Authority, has posted a warning about cryptocurrency investment amid a major crash in crypto markets. In a Monday statement, the FCA said that crypto investment and lending are associated with a high level of risk, stressing that investors should be ready to lose all their money while investing in crypto. Citing a number of risks including price volatility, product complexity, and charges and fees, the FCA said that investors are taking charge of crypto-associated risks: “Consumers should be aware of the risks and fully consider whether investing in high-return investments based on …

Her Majesty's Treasury requests and requires the crypto industry's input on prospective regulation. In a Thursday announcement of open consultation, the United Kingdom's finance policy department is asking the crypto community to weigh in on a series of proposals: "The government invites views from a wide range of stakeholders, and particularly firms engaged in cryptoasset activities." While Brexit formally came into effect early last year, New Year's Eve was the end of freedom to work and live between the United Kingdom and the European Union. The question lingers in today's consultation as to how much the nation's crypto rules should …

On Wednesday, the decision by the United Kingdom's Financial Conduct Authority to ban crypto futures and exchange-traded notes finally went into effect. The FCA initially announced the ban back in October 2020 following a year-long consideration of the matter. At the time, the FCA argued that crypto derivatives were ill-suited to retail investors who were at risk of incurring significant losses. Commenting on the decision as the ban went into effect on Wednesday, Ian Taylor, chair of the self-regulatory trade group CryptoUK, told Cointelegraph: “The regulator is clearly focused on consumer protection, and rightfully so. Derivatives allow for leverage — …

Revolut, a crypto-friendly trading app, is reportedly issuing a strong warning to its customers regarding buying and selling XRP. According to news outlet The Irish Times, the fintech firm recently sent out a notice to its customers saying it was still possible for the firm to delist or restrict trading on XRP with little or no notice. Revolut warned users that their funds could effectively be stuck without the means to sell tokens even if the price falls to zero “in a worst-case scenario.” “It’s important that you constantly reassess your crypto holdings, specifically XRP, and whether you remain comfortable …