Starmer urged to back ban on smartphones in schools to stop children ‘doom-scrolling’

Published

7 months ago

October 16, 2024

admin

Sir Keir Starmer has been urged to support a new law to ban smartphones in schools to stop children “doom-scrolling” – after Number 10 refused to back the plan.

New Labour MP Josh MacAlister is calling for the government to make legal changes to make social media and smartphones less addictive for children and to “empower” parents and teachers to curb screen-time.

The former teacher introduced his Safer Phones Bill on Tuesday which has received backing from cross-party MPs as well as education unions, charities and current and former children’s commissioners.

Politics latest: Downing Street won’t deny PM met Taylor Swift

One of the key tenets is legally banning smartphones from schools but Sir Keir’s spokesman said the government has “no plans to legislate” that as headteachers can already ban phones from classrooms, although they have no legal backing.

Sir Keir’s spokesman said the bill “won’t go ahead”, but Health Secretary Wes Streeting separately indicated some support for the bill as he said “this is a really timely debate”.

Mr MacAlister said he is not perturbed and told Sky News: “This is a campaign of persuasion.”

As part of the bill, he is calling for:

• Raising the age of “internet adulthood” (the minimum age to create social media profiles, email accounts, etc) from 13 to 16
• Legally banning smartphones from classrooms
• Strengthening Ofcom’s powers to protect children from apps designed to be addictive
• Committing government to review further regulation if needed of the design, supply, marketing and use of mobile phones by children under 16

Current guidance to schools in England intended to stop the use of mobile phones during the school day is non-statutory, and was introduced earlier this year by the previous Tory government. The bill would make it a legal requirement.

Mr MacAlister, who chaired an independent review of children’s social care for the former government, said there was a “huge public health problem” with children around the world having increasing levels of mental health problems, issues with sleep and being impacted by phones in school.

“I’m only interested in one thing, which is making sure we can change the law to protect children and reduce screen time and get them back to having a healthier childhood,” he said.

“Parents are saying they’re facing an impossible choice between either keeping their kids off smartphones and ostracising them or letting children get on these phones and seeing all the harmful effects that it can cause.

“And we need to shape some collective rules that help parents and teachers make better choices for children.

“Children themselves are recognising the harm that comes with all of the doom-scrolling.”

Doom-scrolling is the act of spending an excessive amount of time online consuming negative news or social media content, often without stopping.

Mr MacAlister denied imposing a law would turn the UK into a “nanny state”, saying governments “do have a role to play” to set the rules for big tech companies.

And he said if the government fails to act, calls for a complete smartphone ban for children “will only grow”, which will make it tougher for the tech industry.

“So I’d say to them directly, get on board, engage with this, shape the regulation, help protect children and you will be operating in a UK market, which means you can keep the public onside with all the brilliant work that the tech industry does do without putting children at risk,” the MP said.

Politics

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

Published

2 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

3 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

3 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.