Tory deputy chairmen resign party roles as government suffers significant rebellion on Rwanda bill

Published

1 year ago

January 16, 2024

admin

Two deputy chairs of the Conservative Party have resigned from their roles after they both supported rebel amendments to Rishi Sunak’s Rwanda bill.

Lee Anderson and Brendan Clarke-Smith both said they would support proposed changes designed to toughen up Mr Sunak’s bill, which seeks to declare Rwanda a safe country to deport asylum seekers to.

Jane Stevenson, a parliamentary private secretary (PPS) in the Department for Business and Trade, resigned from her role after she supported two key rebel amendments.

On Tuesday night, MPs voted on a series of amendments to the Safety of Rwanda Bill, including one submitted by veteran Tory MP Sir Bill Cash, whose amendment sought to disapply international law with regard to Rwanda being a safe country.

Politics latest: ‘Big’ Tory rebellion on PM’s Rwanda bill will cause ‘jitters’ in Tory high command

In total, 70 MPs backed Sir Bill’s amendment.

Sixty Tories, including two tellers who verify the count, supported the amendment, as did two independent MPs who were formerly in the Conservative parliamentary party – Scott Benton and Andrew Bridgen.

They were joined by eight MPs in the Democratic Unionist Party.

However, the amendment was rejected by 529 votes to 68, leaving a majority of 461.

Among the names who backed the amendment were former prime minister Liz Truss, ex-home secretary Suella Braverman, former immigration minister Robert Jenrick and the leaders of the New Conservatives Miriam Cates and Danny Kruger.

The result represents a significant rebellion and potentially spells trouble for the prime minister ahead of the third reading vote on the whole bill on Wednesday, when rebels may vote against it.

Speaking to Sky News’ political editor Beth Rigby, Tory MP Mark Francois said the numbers “speak for themselves” and that he hoped the government “will listen and take stock” and possibly tighten the bill.

Mr Kruger, the co-chair of the New Conservatives, told the Politics Hub with Sophy Ridge he was “prepared” to vote against the bill at third reading.

Warning signs for the prime minister

Sam Coates

Deputy political editor

@SamCoatesSky

Tory Rwanda rebels have shown their hand.

They have been able to demonstrate their side is willing to go further than before Christmas – and that they have the numbers to defeat the government on Wednesday.

The question now is whether the government is prepared to risk a defeat by going ahead on Wednesday, or whether ministers abandon a plan to hold a vote in fear of defeat.

READ MORE

“I really hope that the scale of the vote in favour of the amendments that were debated today will convince the government that they really should adopt these amendments as their own,” he said.

However, in an illustration of the dilemma Mr Sunak faces in appeasing the various factions of his party, Damian Green, chair of the One Nation group of moderate Tory MPs, said he would vote against the bill if it was toughened up further as the right-wing rebels demand.

But, he said he believed the “high watermark” of the Rwanda rebellion was reached on Tuesday evening.

Mr Sunak had been prepared for a collision with right-wing Tories over the bill, which is aimed at reviving Mr Sunak’s plan to send asylum seekers to Rwanda if they attempt to come to the UK via small boat crossings in the Channel.

The bill, which is designed to enable parliament to confirm Rwanda is a “safe country”, gives ministers the powers to disregard sections of the Human Rights Act, but does not go as far as allowing them to dismiss the European Convention on Human Rights (ECHR) entirely – a demand of some on the right.

As well as the amendment by Sir Bill, MPs also voted on an amendment by Mr Jenrick which sought to make it more difficult for individuals to make claims against their deportation.

MPs rejected it by 525 votes to 61 votes, among them 59 Tories, including tellers.

In a joint resignation letter, Mr Anderson and Mr Clarke-Smith said they supported the amendments “not because we are against the legislation, but because like everybody else we want it to work”.

“Our support for the party and this government remains as strong as ever and that is why we are so passionate about making this legislation work.

“However, we fully appreciate that with such important roles there is also the issue of being bound by collective responsibility.

“It is with this in mind that we fully appreciate that whilst our main wish is to strengthen the legislation, this means that in order to vote for amendments we will therefore need to offer you our resignations from our roles.”

Liberal Democrat home affairs spokesperson Alistair Carmichael MP said: “Sunak’s Rwanda scheme just won’t work – and even the deputy chairmen of his own party know it.

“Rishi Sunak has yet again been embarrassed by his own MPs.”

A Downing Street source said Mr Sunak accepted the resignations of Mr Anderson and Mr Clarke-Smith and added: “This is the toughest legislation ever brought before parliament to tackle illegal migration.

“This bill will make it clear that if you come here illegally you will not be able to stay. We must pass this bill to deliver what all Conservatives want – a credible plan to stop the boats.”

Politics

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

Published

3 hours ago

May 19, 2025

admin

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.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

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

Published

4 hours ago

May 19, 2025

admin

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.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Dubai regulator sets compliance deadline for updated crypto rules

Published

5 hours ago

May 19, 2025

admin

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.