Not just them
It might serve as a precedence to other countries to start adopting same.


  https://www.blockpit.io/tax-guides/crypto-tax-united-kingdom-hmrc#:~:text=Capital Gains Tax for Crypto in the UK,-Capital Gains Tax&text=Only the gain is taxed,this amount without paying CGT.

Way friendlier than what Miss Kamala is aiming for.

It is. But Kamala proposed that unrealized gains be taxed too. If this is in effect, it means an unrealized position will be taxed and even if the position ends up in the negative, people will still be charged on their losses. That's why the one UK is proposing will be a lot better than that of US that Kamala wants to enact.


It's good to have some clarity on where crypto stands in a crypto so that people can make more informed decisions. For instance, in my country, it's unclear whether any involvement in crypto is punishable by low or not so it's like a grey area. That's why this seems like a good move imo but Government setting the pace for crypto is how they get back on the driving seat.

Oh man this is a bad news.

The authority will track all of your coins and addresses because when you didn't leave your coins in CEX, the government have no way to know the address that not associated with CEX. Not to mention they will not accept certain UTXO or coins if they feel you receive a coins from blacklisted address.

Bitcoin is no longer pseudonymous if we tell all of our coins and addresses to the authority.

The law is indeed good because it focuses more on protecting bitcoin owners, but if you look at the negative side, not just of this particular law but of all that offer protection, we will lose our privacy in holding bitcoin because the word "accounting" will be included, which requires determining who the holders are, or perhaps they will also require declaring the value of your holdings. Isn't that risky for us if ever the information leaks to the criminals?

I always feel like regulations are usually seen as a bad thing, but I think in developed countries, yes it usually means more tax, but clarity is better than confusion IMO.

To me, most people are ok with paying tax especially you should see us in countries you pay tax but get shit back lol. I don't know but UK at least seems to put tax to good use, I think crypto people shouldn't complain toooo much

But OTOH I'm always suspicious when governments say its for your protection.

It won't attract foreign investors. Foreign investors are attracted by low taxes and cheap human labour. In my country, many crypto projects and many foreign investors are trying to start a crypto business, especially big companies like BitFury and Binance because they get tax-free zones and don't pay import duties.

That should have been done way earlier because many people are confused when there are uncertain laws and people don't know what to do with their coins. Should they pay taxes, should they declare their Bitcoin holdings, should Bitcoin get split once a couple of divorces, etc... These things are unclear even in my country which is crypto business-friendly.
According to laws, salary received from foreign countries should be declared but I know many people that work remotely in crypto companies and declare nothing because laws don't mention crypto. At the moment that's okay but governments are sometimes so shady that they'll make a law and will ask you to pay for past actions.

Overall, a bullish news for Crypto however I don't think UK will be the first country to do that as you mentioned in the OP? Many countries and nations are doing it already.
The fact that they are not keeping Crypto in gray is the best. Much better than making your citizens aware of the legalization rather than making a fool of them.

It's just a beginning. To get BTC over $100k, many nations will have to adopt. And this will happen in 2025.

Yes, that is a good news for Bitcoin. That will be interesting if the UK government can implements that law in the near because that can attracts more new investor. They will realize that Bitcoin become more popular and the government gives a legal protection to the owners of Bitcoin and other digital assets.

But I wonder if that news can helps to lift Bitcoin in price or not because it seems that will be more than that news to make Bitcoin price increase. If that news can help Bitcoin price increase and more good news come, that will changes the market moves and hopefully, the correction will not go down too deep. But no matters what will happen, we must be prepares for the worst and not just thinks about the good because everything can happen to the market.