π¨ Breaking News π¨: The United Kingdom has taken a significant step in its efforts to combat cryptocurrency-related crimes. Lawmakers have passed legislation that grants authorities the power to seize and freeze cryptocurrencies like Bitcoin (BTC) if they are used for illicit purposes. The legislation, known as the Economic Crime and Corporate Transparency Bill, is expected to receive royal assent on October 26th, making it official law.
The new legislation aims to expand the authorities’ capabilities in cracking down on the use of cryptocurrency in various crimes, including cybercrime, scams, and drug trafficking. One key provision of the bill allows for the recovery of crypto assets used in crimes, even without a conviction. This is particularly important as some individuals may avoid conviction by operating remotely. The legislation also intends to combat the use of digital assets for terrorist activities or related purposes.
This latest development aligns with the UK government’s plans to regulate cryptocurrencies more rigorously as part of its economic crime plan for the years 2023 to 2026. The government aims to tackle the illicit use of digital assets and has set the goal of passing the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023. Additionally, the UK has adopted the Financial Action Task Force’s Travel Rule to further regulate the crypto industry.
Whilst the UK government is cracking down on crypto-related crimes, the country has become a major hub for cryptocurrency activity. According to a recent report by blockchain analytics firm Chainalysis, the UK has the highest raw transaction volume of any country in Central, Northern, and Western Europe. Furthermore, London has been identified as the world’s most crypto-ready city, surpassing the likes of Dubai and New York, according to the crypto tax platform Recap.
In other news, Bitmain, a leading manufacturer of Bitcoin application-specific integrated circuits (ASIC), has announced the release of its latest air-cooled BTC miner, the Antminer T21. The new miner is designed to handle ambient temperatures of up to 45 degrees Celsius. The global release of the Antminer T21 took place at the Blockchain Life 2023 Forum in Dubai, where Bitmain served as a “diamond sponsor”. The mining device is set to start shipping in January 2024 and supports the SHA256 mining algorithm used by Bitcoin and other forked coins like Bitcoin Cash (BCH) and Bitcoin SV (BSV). The Antminer T21 offers a computing power of 190 terahashes per second and an energy efficiency ratio of 19 joules per terahash.
To incentivize buyers, Bitmain is offering a price protection plan for Antminer T21 purchases. The plan aims to protect customers against potential declines in cryptocurrency prices. Customers can choose between one month, three months, or six months of protection. In case the Bitcoin price falls below a specified threshold within the protected period, customers will receive compensation in cash.
Although companies like Bitmain and Canaan continue to introduce new mining devices, the ASIC industry has faced challenges in recent years, including a significant drop in the price per terahash. Despite these challenges, the demand for mining equipment remains strong, with firms like Blockstream raising funds to purchase and store mining equipment ahead of the Bitcoin halving in 2024.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice. Investors should always conduct their own research and consult with professionals before making investment decisions.