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The United Kingdom has an opportunity to capitalize on the departure of Web3 firms leaving the United States due to regulatory uncertainty. But to achieve that, the U.K. will need to follow its own regulatory path, smoothing the requirements for crypto in some regard, according to a think tank.

On Oct. 2, the influential conservative think tank Policy Exchange published a report on Web3 with 10 proposals for the U.K. government, which it claims would help the country improve Web3 regulation.

One proposal made in the report is limiting the liabilities of individuals who hold tokens in a decentralized autonomous organization (DAO). The report cites a negative example of a recent ruling in the U.S. that makes any individual American who owns or previously owned tokens in a DAO liable for any violations of the law the DAO commits.

Related: UK to launch Digital Securities Sandbox in Q1 2024

The report also suggests the principal U.K. financial regulator, the Financial Conduct Authority (FCA), loosens its current Know Your Customer (KYC) approach, allowing for the use of “alternative and innovative techniques,” such as digital identities and blockchain analytics tools.

The experts say the U.K. should avoid undermining self-hosted wallets and regulating proof-of-stake services as a financial service. Among other proposals are allowing private stablecoin issuers to place stablecoin reserves in the Bank of England, creating a “tax wrapper” for the crypto exchange and creating a new sandbox under the Department for Science, Innovation and Technology.

Recently, U.K. regulators have taken a more stringent approach to the digital assets industry. His Majesty’s Treasury is considering banning all cold calls promoting crypto investments, and the FCA has warned local crypto businesses to follow its marketing rules or face consequences.

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After six months of planning, Reform’s immigration policy is as clear as mud

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After six months of planning, Reform's immigration policy is as clear as mud

Reform’s plan was meant to be detailed. Instead, there’s more confusion.

The party had grown weary of the longstanding criticism that their tough talk on immigration did not come with a full proposal for what they would do to tackle small boats if they came to power.

So, after six months of planning, yesterday they attempted to put flesh on to the bones of their flagship policy.

Politics latest: Farage rows back on pledge to deport illegal migrant women and girls

At an expensive press conference in a vast airhanger in Oxford, the headline news was clear: Reform UK would deport anyone who comes here by small boat, arresting, detaining and then deporting up to 600,000 people in the first five years of governing.

They would leave international treaties and repeal the Human Rights Act to do it

But, one day later, that policy is clear as mud when it comes to who this would apply to.

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Nigel Farage launched an airport-style departures board to illustrate how many illegal migrants have arrived in the UK. Pic: PA
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Nigel Farage launched an airport-style departures board to illustrate how many illegal migrants have arrived in the UK. Pic: PA

I asked Farage at the time of the announcement whether this would apply to women and girls – an important question – as the basis for their extreme policy seemed to hinge on the safety of women and girls in the UK.

He was unequivocal: “Yes, women and children, everybody on arrival will be detained.

“And I’ve accepted already that how we deal with children is a much more complicated and difficult issue.”

But a day later, he appeared to row back on this stance at a press conference in Scotland, saying Reform is “not even discussing women and children at this stage”.

Read more:
Farage has a new ‘leave’ campaign – here’s how it could work

He later clarified that if a single woman came by boat, then they could fall under the policy, but if “a woman comes with children, we will work out the best thing to do”.

A third clarification in the space of 24 hours on a flagship policy they worked on over six months seems like a pretty big gaffe, and it only feeds into the Labour criticism that these plans aren’t yet credible.

If they had hoped to pivot from rhetoric to rigour, this announcement showed serious pitfalls.

But party strategists probably will not be tearing out too much hair over this, with polling showing Reform UK still as the most trusted party on the issue of immigration overall.

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Crypto trader ups MEXC ‘bounty’ to $2.5M after in-person KYC request

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Crypto trader ups MEXC ‘bounty’ to .5M after in-person KYC request

Crypto trader ups MEXC ‘bounty’ to .5M after in-person KYC request

The “White Whale” increased his social media pressure campaign to $2.5 million after claiming that MEXC requested an in-person KYC verification in Malaysia.

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US appeals time served sentences for HashFlare Ponzi schemers

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US appeals time served sentences for HashFlare Ponzi schemers

US appeals time served sentences for HashFlare Ponzi schemers

Prosecutors appealed the sentences given to HashFlare founders Sergei Potapenko and Ivan Turõgin, after arguing the pair should get 10 years in prison.

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