We would believe that most of you know that the United Kingdom is a constitutional monarchy with a parliamentary democracy to support that but what you might have not know is that the monarch, Queen Elizabeth The Second, has been reigning since 1952, which is 65 years to date. Despite being keen to their old traditions, The United Kingdom is not far behind when it comes down to being one of the leading researchers and developers in the FinTech sector. Embracing innovation, bitcoin and the blockchain technology have had a rather positive outlook in the UK but how about the BTC regulations, exchanges, and online gambling? Let's take a closer look at some of the data that we have compiled.
Bitcoin Regulations in The United Kingdom
As of right now, bitcoin is not officially regulated in The United Kingdom but officials are trying to come up with a way on how to smooth out the operations for bitcoin business in the country. Someone at the UK's tax agency had totally misunderstood how bitcoin works or is used for that matter and had regulated that any bitcoin sale in the country must carry a VAT on top of it, pre-sale. This means that if a company is selling a 1 BTC voucher then they must add value-added tax to the purchase. For some reason, officials thought that bitcoin can be used only once... This type of regulation means that legal exchanges could not stay competitive with the general bitcoin market. Exchanges must collect personal information from the customers in order to comply with the KYC policy and prevent money laundering.
U.K. Bitcoin Exchanges
Despite bitcoin not being officially regulated then it is relatively easy to acquire some BTC being a citizen of The United Kingdom. If you are trying to bypass many of the KYC verifications then your easiest option is to buy bitcoin through Peer-to-Peer platforms such as LocalBitcoins or Paxful. Keep in mind to find a trader with 100% positive feedback and stay cautious for the sellers asking to you to go out of the escrow system to complete the trade. Your second option is to buy bitcoin in the UK through a BTC ATM, use satoshipoint or coinatmradar to find the nearest one to you! If you have nothing against verifying your identity then you can use big exchanges such as BitStamp and CoinBase.
Online Gambling in The United Kingdom
The United Kingdom is one of the few regions that have regulated majority forms of gambling while having no huge restrictions on online gambling. Anyone above 18 years of age can participate in the games of chance. You may want to explore anonymous bitcoin gambling being the citizen of UK, so while you do that, make sure to look into our reviews to find the right BTC casino for yourself!