wymike on Nostr: For those of you who don’t want to wade through all the jargon and legalese like ...
For those of you who don’t want to wade through all the jargon and legalese like me.
The Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 has limited direct implications for a self-custody Bitcoin holder. Key points to consider:
1. **No direct regulation**: As a self-custody Bitcoin holder, you are not directly affected by the new regulations, as they primarily target businesses and activities related to cryptoassets.
2. **Definition of "qualifying cryptoasset"**: Bitcoin is likely to be considered a "qualifying cryptoasset" under the new regulations, as it is a fungible and transferable cryptoasset.
3. **Exclusions and exemptions**: Certain activities, such as creating, designing, or minting cryptoassets, are excluded from the new regulated activities. Self-custody Bitcoin holders are not considered to be carrying out these activities.
4. **No impact on personal use**: The regulations do not appear to restrict or regulate the personal use of Bitcoin or other qualifying cryptoassets for non-commercial purposes.
5. **Potential impact on service providers**: If you use services like crypto exchanges, custodians, or other intermediaries, they may be affected by the new regulations. This could lead to changes in their operations, fees, or services offered.
6. **Indirect benefits**: The regulations may bring more clarity and oversight to the cryptoasset market, potentially increasing confidence and adoption.
Overall, the new regulations are more focused on regulating businesses and activities related to cryptoassets, rather than individual holders. As a self-custody Bitcoin holder, you are likely to be unaffected by the regulations, but may benefit from the increased clarity and oversight in the broader market.
The Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 has limited direct implications for a self-custody Bitcoin holder. Key points to consider:
1. **No direct regulation**: As a self-custody Bitcoin holder, you are not directly affected by the new regulations, as they primarily target businesses and activities related to cryptoassets.
2. **Definition of "qualifying cryptoasset"**: Bitcoin is likely to be considered a "qualifying cryptoasset" under the new regulations, as it is a fungible and transferable cryptoasset.
3. **Exclusions and exemptions**: Certain activities, such as creating, designing, or minting cryptoassets, are excluded from the new regulated activities. Self-custody Bitcoin holders are not considered to be carrying out these activities.
4. **No impact on personal use**: The regulations do not appear to restrict or regulate the personal use of Bitcoin or other qualifying cryptoassets for non-commercial purposes.
5. **Potential impact on service providers**: If you use services like crypto exchanges, custodians, or other intermediaries, they may be affected by the new regulations. This could lead to changes in their operations, fees, or services offered.
6. **Indirect benefits**: The regulations may bring more clarity and oversight to the cryptoasset market, potentially increasing confidence and adoption.
Overall, the new regulations are more focused on regulating businesses and activities related to cryptoassets, rather than individual holders. As a self-custody Bitcoin holder, you are likely to be unaffected by the regulations, but may benefit from the increased clarity and oversight in the broader market.