New UK crypto regulations weigh heavily on the crypto industry

     The UK's new regulations have come into force, and the crypto industry in Britain has started bearing heat.

FCA issued a warning

     The Financial Conduct Authority (FCA), the UK's financial watchdog, has mow warned the crypto industry after imposing new regulations that have hit 149 firms, including HTX, Kucoin, ByBit, Bitmex, etc.

The crypto industry will change

     Some platforms, such as OKX, Binance etc have already accepted the new regulations to maintain their business in the UK, while those on the warning list have suspended operations to avoid penalties from the FCA.

UK public

     In the UK, capital gains from crypto up to £12300 are eligible for tax-free allowance, after which they are taxed at 10% to 45%. Since the income of most investors is low, there is not much opposition, but inflation and tax burden can do anything.

Brought to you by Yugocean, originally posted here