Robert Jenrick ‘prepared’ to vote down Rwanda bill as Tory divide deepens

Published

1 year ago

January 16, 2024

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Robert Jenrick says he is “prepared” to vote against the Rwanda bill if the government does not adopt “robust” changes to the proposed legislation.

Two days of debate on the proposed law has begun in in the Commons, with the legislation aiming to deter asylum seekers from coming to the UK via small boat crossings.

Rishi Sunak has said the new bill, which includes clauses to define Rwanda as a “safe country” and reduces the ability for people to appeal, answers the concerns of the the UK Supreme Court – which ruled the plan unlawful – while also ensuring deportations will take place.

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But many on the right of the party – including Mr Jenrick, who resigned as immigration minister over the issue – want the prime minister to toughen up the legislation with a raft of amendments, including one that would block injunctions on flights taking off.

Make this move, however, and Mr Sunak risks upsetting the centrist wing of his party, with the One Nation faction already concerned the bill goes too far from the UK’s international obligations.

Speaking to Sky News’s political editor Beth Rigby, Mr Jenrick said he did not want to get to the “situation” where he would have to rebel against the government, but added: “I am prepared to vote against the bill… because this bill doesn’t work, and I do believe that a better bill is possible.

“So the government has a choice. It can either accept my amendments… or it can bring back a new and improved bill, and it could do that within a matter of days because we know the shape of that bill.”

He added: “The opportunity here is immense. Let’s not waste it by creating a scheme that is like a bucket riddled with holes.”

Jenrick: ‘Tens of thousands more’ will come if bill not ‘fixed’

The former immigration minister said he “didn’t accept” that if the bill failed in the Commons, Mr Sunak’s premiership would be in crisis – despite two deputy Tory chairmen now risking the sack to vote for the rebel amendments.

“This isn’t about the prime minister or his leadership of the Conservative Party,” Mr Jenrick said. “This is about fixing one of the biggest problems facing not just this country, but countries all over the world.

“And as I’ve set out in great detail since I resigned on principle last month, if we don’t fix this problem, we’ll see tens of thousands more people coming to our country.

“I don’t want to see the bill either fail or proceed in its current state. Neither is a satisfactory outcome. But I do know that a better bill is possible and the ball is in the government’s court here.”

He added: “The point is that there’s no point having a moment of unity in passing a bill that doesn’t work – that’s an illusion.

“What matters is whether it works. And if we’re celebrating this week, but in August there are still thousands of people coming across in small boats, no one will remember the events of this week.”

Govt ‘risks clogging up the courts’

Sky News understands the government still doesn’t plan to accept any of the amendments from right-wing MPs.

However, shortly before the debate began – and in an attempt to appease rebels – Justice Secretary Alex Chalk confirmed 25 hearing rooms had been prepared and more than 100 additional staff had been recruited to help speed up appeals and deportations.

But Mr Jenrick said: “Adding more judges into the mix simply accepts my central argument that there will be an absolute cascade of individual claims from migrants as they arrive into the country and [that] will clog up the courts.

“It will delay things and the scheme will become completely inoperable.”

The former minister also rejected the government’s argument that any strengthening of the law would lead to the Rwandan government pulling out of the scheme altogether, rather than risk being linked with breaches of international law.

“It is quite an implausible suggestion from the government, which was raised at the 11th hour,” he said.

“I think it’s a highly convenient argument… you weren’t born yesterday, neither was I. I don’t think that is going to wash with parliamentary colleagues.”

Mr Jenrick continued: “All we care about is what works. It is absolutely critical for the country not to talk about the government, but to actually get the Rwanda scheme up and running.

“Illegal migration is doing untold damage to our country. I won’t allow that to continue.

“I said, as did the prime minister, that we would do whatever it takes. And the bill before parliament this week is not that.

“That is why we need to amend it, to toughen it and to ensure those flights do truly get off to Rwanda.”

Today’s debate will last for six hours, with a further six hours expected on Wednesday.

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Australian court ruling could lead to $640M in Bitcoin tax refunds

Published

4 hours ago

May 19, 2025

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Australian court ruling could lead to 0M in Bitcoin tax refunds

A court decision in Australia could open the door to as much as $640 million in capital gains tax (CGT) refunds on Bitcoin transactions after a judge ruled that crypto should be treated as money rather than a taxable asset.

On May 19, the Australian Financial Review (AFR) reported that the decision arose within a criminal case involving federal police officer William Wheatley, who allegedly stole 81.6 Bitcoin (BTC) in 2019. At the time, the assets were worth roughly $492,000. At current market prices, the tokens are valued at more than $13 million.

In the case, Judge Michael O’Connell of Victoria ruled that Bitcoin qualifies as a form of money rather than property, likening the digital asset to Australian dollars rather than to shares, gold or foreign currency.

The interpretation could set a legal precedent, potentially placing Bitcoin transactions outside the scope of Australia’s current CGT regime.

New court ruling challenges Australian crypto tax laws

In an AFR interview, tax lawyer Adrian Cartland said the verdict “totally upends” the Australian Taxation Office’s (ATO) current position.

Since 2014, the ATO has classified crypto assets as CGT assets. This means that users must pay tax when selling or trading them. Under the ATO’s guidance, any disposal of Bitcoin, including selling it for fiat, exchanging it for another crypto or using it to purchase goods or services, constitutes a CGT event.

This framework has been the basis for taxing cryptocurrency transactions in Australia for over a decade. However, the recent ruling challenges the approach by suggesting that Bitcoin functions more like money than property. This potentially exempts it from CGT.

Tax refunds could reach $640 million

Cartland said it was held that Bitcoin is Australian money. “That is, it is not a CGT asset. Therefore, acquisitions and disposals of Bitcoin have no tax consequences,” the tax lawyer added.

If the ruling is upheld on the appeal, Cartland estimates that there could be potential tax refunds totalling 1 billion Australian dollars ($640 million).

However, while Cartland thinks there could be up to a billion in refunds, the ATO said there were no official figures that confirm the amount to be potentially refunded if the case changes how Bitcoin is taxed in Australia.

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Revolut eyes French license and $1.1B expansion amid EU growth

Published

5 hours ago

May 19, 2025

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Revolut eyes French license and .1B expansion amid EU growth

Revolut, a European neobank with crypto support, plans to invest more than 1 billion euro ($1.1 billion) in France and apply for a local banking license.

According to a May 19 Fortune report, Revolut representatives announced the initiative during the Choose France business summit hosted by President Emmanuel Macron in Paris. The London-based neobank also plans to set up its new European Union-serving headquarters in Paris, promising to invest 1 billion euro and hire at least 200 people within three years.

Revolut spokespeople also said that the firm is in the process of submitting an application to the French banking regulator Prudential Supervision and Resolution Authority. According to an anonymous source cited by Fortune, the regulator has been pushing the neobank to get a license to improve supervision due to its popularity in France.

Revolut currently employs about 300 people and serves five million customers in France. This makes the nation the neobank’s top European Union market.

Aiming for the stars

Revolut hopes to onboard 10 million users by the end of next year and then double that number by 2030. The firm already offers loans, trading and cryptocurrency support in its mobile-first banking platform.

The neobank has seen rapid growth ever since its founding in 2015. The company recently received a $45 billion valuation and reportedly served over 55 million customers as of late May.

Revolut’s 2024 annual report release shows that the firm’s 2024 revenue was 3.1 billion British pounds ($4 billion). A recent Financial News article also puts the company’s headcount at 10,133 employees as of Dec. 31, 2024.

An increasingly regulated institution

Revolut obtained its UK banking license in late July 2024, where 11 million of its customers are located. Now, the neobank is aggressively looking to obtain similar permits across other jurisdictions, with 10 applications underway.

Revolut received the Prepaid Payment Instruments license from India’s central bank earlier this month. This license allows the bank to offer multi-currency forex cards and cross-border remittance services in India.

EU-based Revolut customers now leverage its Lithuania operations. The firm received a banking license in Lithuania at the end of 2018, enabling it to serve customers across the European Economic Area better.

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Dubai regulator sets compliance deadline for updated crypto rules

Published

6 hours ago

May 19, 2025

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Dubai regulator sets compliance deadline for updated crypto rules

Dubai’s crypto regulator has given licensed digital asset companies until June 19 to comply with its updated activity-based Rulebooks to enhance market integrity and risk oversight.

On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced that it had released Version 2.0 of the Rulebooks.

The regulator said it had strengthened controls around margin trading and token distribution services, harmonised compliance requirements across all licensed activities and given clearer definitions for collateral wallet arrangements.

VARA’s team will engage with licensed entities and expects the companies to comply with the updated rules after a 30-day transition period.

“In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025,” VARA wrote.

VARA enhances supervisory mechanisms

VARA highlighted that it had enhanced supervisory mechanisms across several regulated activities. This includes advisory, broker-dealer, custody, exchange, lending and borrowing, virtual asset (VA) management and investment, and VA transfer and settlement services.

A VARA spokesperson told Cointelegraph that the updates will bring consistency across all activity-based rules defining core operational terms. The spokesperson gave examples of terms like “client assets,” “qualified custodians,” and “collateral requirements” as some of the terms more consistently defined in the update.

The update also aligned risk management and disclosure obligations, where activities overlap, in areas like brokerage, custody and exchange.

“The aim was to reduce ambiguity and help VASPs navigate cross-functional compliance more easily,” VARA told Cointelegraph.

Dubai regulator tightens leverage thresholds for margin trading

As for margin trading, the VARA spokesperson said they tightened leverage thresholds, mandated clearer collateralisation standards, and enhanced the monitoring obligations for VASPs offering this feature.

Margin trading allows traders to control large positions with smaller amounts of capital. It amplifies both gains and losses. Tightening the leverage traders use helps limit the risks of widespread liquidations in a market downturn.

The crypto regulator introduced a new section on token distribution that sets out licensing prerequisites, investor protections and marketing restrictions. The spokesperson emphasized the marketing restrictions, especially for “retail-facing offers.”

“It’s about aligning with global conduct expectations and closing observed regulatory gaps,” the VARA spokesperson said.