Dave - Cryptocurrency Enthusiast
Cardano co-founder Charles Hoskinson discussed cryptocurrency regulation in front of the US Congress. He explained to the representatives why he thinks transparency is an important industry value.
Two of the financial regulators battling it out for control in the cryptocurrency field are the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
During a time when Congress is considering how to regulate the Bitcoin investment industry, Hoskinson provided testimony. The hearings are a part of the legislative process to better understand technology and its implications for investors, consumers, and the financial system.
According to Hoskinson, because cryptocurrencies can store and transport data, a significant piece of this regulatory task might be completed automatically. He also cited the private banking industry as a model for regulation compliance in order to argue in favor of enabling the crypto industry to create self-regulatory organizations (SRO).
Hoskinson stated in a testimonial published on the IOHK website on June 23 that she would be open to collaborating with federal authorities to create new criteria. "Compliance with laws and regulations from the United States must be a driving value for the blockchain sector." Hoskinson's requests for more distinct limits in the crypto regulatory environment mirror those voiced by other American industry leaders. The SEC has repeatedly rejected spot Bitcoin ETFs from entering the US market, according to SEC Commissioner Hester Peirce, who stated this in December of last year. Peirce claimed that the Bank of New York Mellon's (BNY Mellon) cryptocurrency intentions increase the urgency with which US authorities must act to obtain additional clarification.
As cryptocurrency regulation is inevitable there is a need for trusted cryptobrokers that are in line with the regulations. One such cryptocurrency broker is BCBitcoin where you can buy and sell cryptoccurenncy and trade crypto against major fiat currencies: EUR and GBP.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards