UK Parliamentary Group Urges Immediate Action
A recent report released by the United Kingdom’s bipartisan parliamentary group labelled as Crypto and Digital Assets All Party Parliamentary Group (APPG) warns that the country has only a year to a year and a half to put clear regulations in place, in order to emerge as a leader in the global digital asset market.
Report Recommends Major Tax Break for Bitcoin Exchanges
The report comes with a recommendation for the creation of a major tax break for bitcoin exchanges in the country, and urged government authorities to take a progressive stance on cryptocurrencies, stating that it would position the country at the forefront of this emerging industry.
Experts Warn that UK is Falling Behind in Regulatory Measures
Experts are of the opinion that the APPG report should serve as a wake-up call for the UK, which lags behind other jurisdictions such as Singapore and Switzerland in regulatory measures for crypto assets. With the recommended tax breaks and a more conducive environment for investment, UK blockchain companies stand a better chance of gaining a considerable share of the global digital asset market.
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