Blockchain Development Company In London, UK

The United Kingdom is widely known as the home of both modern parliamentary democracy and the Industrial Revolution. As the UK is having the world’s most effective business and investment environments it is ranked 3rd among 44 countries in the Europe region.

State of Crypto and Blockchain in the UK
Cryptocurrency Regulation In UK
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, undergoing a study on cryptocurrency and its technologies, evaluating the risks and benefits.

Recently, The Financial Conduct Authority (FCA) announced certain guidance on cryptocurrencies and also given an important clarification toward cryptocurrency regulations.
  1. cryptocurrencies like bitcoin and ethereum are categorized as exchange token and it is unregulated but fall under anti-money laundering regulations
  2. Security tokens are categorized as a specified investment and will fall under FCA jurisdiction. 
  3. Stablecoin is defined as e-money, which will fall under FCA's regulation.
  4. Except, Security tokens and e-money tokens others like utility tokens are unregulated tokens.
Blockchain Regulation In UK:

The rise of cryptocurrencies has paved the way for blockchain technology and is moving swiftly worldwide. In Uk, there is no such official legislation to the use of blockchain technology from the Uk regulatory body, the Financial Conduct Authority(FCA).

One Step Forward, the FCA has declared that 29 companies were accepted into the 4th regulatory sandbox in July 2019 and 11 of these firms are blockchain startups. This Regulatory Sandbox allows companies to set their projects in the UK regulatory environment.

Recent two reports were published by two independent think tanks, have indicated that the UK government is taking the use of distributed ledger technology (DLT) into consideration to deliver more and better quality public services.

The First Report, "The Future of Public Service Identity," which was published by London-based think tank Reform.

The Second Report,” Distributed Ledger Technologies for Public good” which was released by the House of Lords, the upper chamber of the UK parliament. 

Cryptocurrency Taxation in the UK:

Her Majesty’s Revenue and Customs(HMRC) is the authority in the EU responsible for the collection of taxes has released taxation guidance in 2014.

There will be two types of tax namely capital gains tax (CGT) and income tax (IT). As the Cryptoassets are predominantly taken as an investment property, taxpayers are subject to CGT on the disposal of their crypto assets.

The tax rate will be 10% or 20% based on their level of income.

Prospects of Blockchain-based industry in the UK:

Blockchain has been considered as a real-world application to various industries in the UK.

Real Estate:

Blockchain in real estate aims to combat delays and uncertainty in real estate transactions. HMLR has announced its utility of blockchain prototype in the sale of the house for a transparent, quick, and trustworthy sale.

Also, HMLR aims to become “the world’s leading land registry”.

Port Connectivity:

Here, the Blockchain Technology is to improve the port connectivity. The memorandum of understanding (MOU) has been signed between Associated British Ports (ABP) and Marine Transport International (MTI).

The British port project will cover ABP’s 21 ports across the UK, which together handles 25% of the country’s seaborne cargo.



We at bitdeal having geographically scattered experts of various specializations, have been doing a profound research on the use case of blockchain in distinct industry verticals such as real estate, banking, Insurance, Telecom, Healthcare, and Supply Chain and so on.

we always keep efforts on our creative imagination and innovative knowledge to provide top Blockchain Development Services in London



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