If you're new to the fascinating world of finance, fear not, we're here to help. With plenty of new terms and concepts being thrown around, it's common to miss out on some of the basics. In this article, we're taking a look at some of the most frequently used acronyms and terms, making them accessible and relatable. Allow this trusty guide to help you navigate through the often perplexing world of financial jargon.

APR (Annual Percentage Rate)

Let's start with APR. This acronym stands for Annual Percentage Rate and represents the annualized interest rate you're charged for borrowing money. When you borrow funds, the APR includes not only the interest but also any additional fees associated with the loan or credit product. 

Understanding APR allows you to compare different borrowing options and evaluate the true cost of credit. So, next time you consider taking out a loan, pay attention to the APR to make an informed decision.

ATM (Automated Teller Machine)

ATM stands for Automated Teller Machine and is the nifty device that allows you to withdraw cash from your bank account. While ATMs are becoming less and less used in one’s daily life, their advantage lies in traveling. With your Tap card directly linked to multiple fiat and crypto options, simply hop over the border and withdraw the local currency.

BACS (Bankers Automated Clearing Services)

BACS stands for Bankers Automated Clearing Services. It may sound like a mouthful, but essentially, it's a system in the UK that enables electronic payments to be made from one bank account to another.

It simplifies transferring money between accounts, making transactions more efficient. Whether you're paying your bills, sending money to a friend, or making regular payments to the bank's head office, BACS ensures that your money moves smoothly and securely.

BIC (Business Identifier Code)

BIC stands for Business Identifier Code or Bank Identifier Code, and the purpose of BIC is to provide a reliable and internationally recognized identification system for banks and financial institutions, streamlining transactions and enhancing overall efficiency in the financial industry.

When you're conducting business with different banks, especially when dealing with the bank's head office, the BIC serves as a unique code that ensures accurate identification of the institutions involved. So, next time you're sending funds to the bank head office, rest assured that the BIC code helps facilitate a seamless and secure transaction.

Dividend

Now, let's dive into dividends. A dividend is a distribution of a company's earnings to its shareholders. When a company makes a profit, it may choose to share a portion of those profits with its shareholders as dividends. So, if you're a shareholder, dividends are a way for you to earn a little extra income from your investments. 

FCA (Financial Conduct Authority)

The FCA is like the financial watchdog of the UK. FCA stands for Financial Conduct Authority. These folks are the regulators who keep an eye on the financial industry to protect consumers like you. Their job is to ensure that financial institutions play by the rules, maintain industry stability, and promote healthy competition among financial services. They've got your back when it comes to financial matters.

The SEC is the American equivalent (see later). 

Equity

Equity refers to the ownership interest in a company or property. When it comes to stocks, it represents the shares of a company that you, as an investor, own. In the real estate world, equity is the difference between the market value of a property and the outstanding mortgage. So, think of equity as your stake in something valuable.

Exchange rate

Ah, the ever-fluctuating exchange rate. It's like a dance between currencies. An exchange rate refers to the value at which one currency can be converted into another. It's crucial to understand exchange rates, especially if you're dealing with international transactions. They can impact the cost of goods and services when you're using different currencies. 

IBAN (International Bank Account Number)

IBAN stands for International Bank Account Number. It's a unique identifier for bank accounts used internationally. Think of it as a special code that helps simplify international money transfers. With an IBAN, you can easily identify an account internationally, making those international payments a little smoother. 

The structure of an IBAN may vary slightly between countries, but it typically consists of a country code, two check digits, and a series of alphanumeric characters representing the bank and account details. The length of an IBAN can also vary, ranging from country to country.

ISA (Individual Savings Account)

The ISA is a tax-advantaged savings and investment account that allows individuals to save and invest money without paying income tax or capital gains tax on the returns generated within the account. This is the United Kingdom equivalent to a Roth IRA (see later). 

Inflation

Inflation occurs when the general price level of goods and services goes up over time. It means that your money can buy you less than it used to. So, keep an eye on inflation, my friends, as it affects your purchasing power and how much you get for your hard-earned cash.

Mutual Fund

Let's explore mutual funds. A mutual fund is like a financial potluck. It's an investment vehicle that pools money from multiple investors to create a diversified portfolio of stocks, bonds, or other securities. It's a way for investors like you to access a professionally managed portfolio without the hassle of selecting individual securities.

Net Income

Net income, also known as net profit or earnings, is a common financial term. It represents the amount of money left over after deducting all expenses from a company's total revenue or one's bank account. It's a key measure of financial performance and tells you how much money a company is making after all the bills are paid.

Remittance

Remittance is the art of sending money across borders. Remittance simply refers to the transfer of money from one country to another. Whether you're an individual sending money to family overseas or a business making international payments, remittance is the term that captures those cross-border transactions. Remittance is most commonly used to describe the funds that are sent from someone in a developed country to family members in an undeveloped country. 

Roth IRA

A Roth IRA is a retirement savings account that packs a tax-free punch. You contribute money to this account with after-tax dollars, and the beauty of it is that qualified withdrawals in retirement, including both your contributions and earnings, are tax-free. It's a popular choice for those seeking tax-free growth potential in their retirement savings. 

SEC (Securities and Exchange Commission)

The Securities and Exchange Commission is the regulatory agency in the United States responsible for enforcing federal securities laws. The SEC's primary mission is to protect investors, maintain fair and efficient markets, and facilitate capital formation. It regulates and supervises various entities, including securities exchanges, securities brokers and dealers, investment advisers, and mutual funds.

SEPA (Single Euro Payments Area)

SEPA, or Single Euro Payments Area, is a game-changer for euro transactions within the EU and EEA. It harmonises payment systems, making international transactions as easy as domestic ones.

With SEPA payments, you can send and receive payments in euros across participating countries without dealing with separate systems and extra fees. It promotes efficiency, speed, and cost-effectiveness, simplifying your financial life and fostering economic integration.

SWIFT code (Society for Worldwide Interbank Financial Telecommunications)

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It's like the secret communication network that banks use to send secure financial messages, including payment instructions, to one another. Swift codes ensure that these messages reach their destinations reliably and efficiently. Think of a SWIFT code as the superhighway of financial communication, connecting financial institutions worldwide.

Conclusion

Understanding financial terms is crucial because it empowers you to make informed decisions about your money. Whether you're planning for the future, managing investments, or simply striving for financial stability, grasping key terms is essential. Armed with knowledge, you can navigate the financial landscape with confidence and make wise choices that align with your goals.

‍Tap Global Group Plc (AQSE: TAP), the regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology, announces that is ceasing new UK based customer onboarding until completion of a review to fully comply with the Financial Conduct Authority (FCA) Regime of Financial Promotions, which will be introduced on the 8^th October 2023.  

In addition, Tap has been conducting a detailed review of its existing client base to assess whether clients are investment professionals or certified sophisticated investors that it may be permitted to continue to engage with in respect of the continued offer of its cryptoasset services that constitute regulated cryptoasset promotions.

Tap is fully committed to ensuring customers benefit from the assurance that Tap’s services are being delivered within a fully regulated, compliant environment and in accordance with best practice regulatory standards and requirements. Tap is reviewing all marketing, onboarding, customer protection and suitability assessments to ensure there is full adherence with the FCA Financial Promotion Regime.  

In addition, Tap is partnering with an FCA authorised firm to review and approve all relevant marketing material and onboarding processes to further validate a compliance first approach to the services offered to Tap customers.  

Tap will continue to provide further updates and advise UK customers when services are ready to be resumed.        

About Tap Global PLC

Tap’s group of company’s provides a fully regulated cryptocurrency app bridging the gap between traditional finance and blockchain technology. Tap Global Limited is regulated by the Gibraltar Financial Services Commission, as a distributed ledger technology (“DLT”) service provider.  

Through a single app, Tap’s over 200,000 users can access several major cryptocurrency exchanges and, utilising Tap’s proprietary Artificial Intelligence middleware, customers benefit from best-execution and pricing in real time. Through the Tap card, users can also convert their cryptocurrencies to fiat to spend at more than 37 million merchant locations worldwide.  

Tap is one of only a handful of unified solutions operators fully regulated to provide DLT services and was the first cryptocurrency FinTech company approved by Mastercard in Europe.  

Learn more: www.withtap.com  

Any questions regarding this document or application of any law, rule or regulation can be referred to us via email at Compliance@tap.global.

Welcome to the delicious world of cookies! But hold on, we're not talking about those sweet treats you munch on during tea time. We're here to unveil the mysterious and oh-so-important cookies that exist on the vast landscape of the internet. 

These cookies aren't tangible, instead, they're small pieces of data that roam around cyberspace, shaping and enhancing your online experience. In this article, we break down what cookies are exactly and how they impact our online interactions. 

What are cookies?

These digital marvels play a vital role in enhancing our online experiences. So, what exactly are cookies and why does your computer store them?

When you're hopping from one website to another, your computer keeps a small file on behalf of each website you visit. This file is the cookie. The name "cookie" actually comes from a programming term called a magic cookie, coined by the programmer, Lou Montulli, and adds flavor to your online adventures.

But why do computers store these little files? Cookies help web servers remember you, ensuring a smooth and personalized browsing experience. Let's say you perform an action on a website, like switching to a dark mode or logging in with your credentials. Your computer takes note of this and saves the information in a cookie.

When you revisit that website in the future, your computer hands back the stored information from the cookie to the website. It's like your computer acting as a helpful assistant, reminding the website of your preferences, saved settings, and even items left in your virtual shopping cart.

The bottom line is that cookies allow for a seamless and tailored browsing experience. 

The different types of cookies

As with its baked goods counterpart, not all cookies are created equal. Each type serves a unique purpose in enhancing your online experience. Here's a breakdown of the most common cookie varieties:

Session cookies

These are temporary cookies that exist only during your browsing session. They hold information about your activities on a website, ensuring smooth navigation. Once you close the browser, session cookies vanish, leaving no trace behind.

Persistent cookies

Unlike their transient cousins, persistent cookies stick around even after you close the browser. They store information like login details or preferences, making your return visits more personalized and convenient.

First-party cookies

These are created by the website you are visiting. They help remember your preferences and settings, making your browsing experience smoother.

Third-party cookies

These cookies come from external sources, often embedded in the website you're visiting. They track your browsing habits, allowing advertisers to deliver targeted ads based on your interests.

Cookie consent and those pop up banners

When you visit a website, you may have noticed those cookie consent banners or pop-ups that demand your attention. Turns out they are quite important. Implementing these notifications helps websites comply with data protection regulations and respect your privacy. 

They also play a vital role in helping users understand the importance of giving consent and being aware of how their data is used. So, next time you encounter a cookie consent banner, remember it's there to protect your rights and ensure transparency in the online world.

How cookies track and analyse your behaviour

Cookies have become a powerful tool for tracking and analyzing user behavior on websites. They enable website owners to gather valuable analytics data and gain insights into visitor patterns and preferences. 

By utilizing cookies, website administrators can track the number of page views, monitor the time users spend on their site, and gain a deeper understanding of how visitors interact with different elements. This data helps them optimize their websites, improve user experience, and tailor content to suit audience preferences. 

On top of that, cookies also play a crucial role in targeted advertising, allowing marketers to display ads based on users' browsing habits and interests. So, the next time you encounter a personalized ad, you can thank those little, but mighty, cookies for their clever insights.

How you can manage your cookies

Managing and controlling cookies gives you more control over your online privacy. Through browser settings, you can choose to accept, reject, or delete cookies. Taking control of your cookie preferences allows you to customize your browsing experience and limit the data collected by websites. 

Additionally, various cookie management tools are available, making it easier to handle cookies across different websites. It's important to understand the implications of accepting or rejecting cookies, as it can affect website functionality, personalized experiences, and even the relevance of advertisements. Find the right balance that suits your privacy preferences and browsing needs.

Conclusion

In the vast realm of the internet, cookies are the unsung heroes that make our online experiences seamless and personalized. These small files, stored by our computers on behalf of websites, play a crucial role in remembering our preferences, settings, and actions. 

So, the next time you encounter a cookie consent banner or notice the personalization of a website, you'll know it's all thanks to these small but mighty digital gems called cookies. 

Public Announcement from the Tap Team

Regarding Bittrex Global's Upcoming Closure

We are aware of the recent announcement from Bittrex Global that the exchange will be shutting down its operations. This news undoubtedly has an impact on XTP (Tap Token) holders, as Bittrex Global has been the primary listing venue for the token. We want to assure our community that we are working hard on a solution to minimise any disruption to XTP trading and liquidity.

We were equally taken aback by the announcement, just as much as our community.
‍

Our Immediate Actions

We are meticulously evaluating multiple options to offer XTP a new primary listing marketplace. We are determined to provide our users with an uninterrupted trading experience. In the meantime, please be reassured that XTP will continue trading on Bittrex Global until the exchange's closure.

Our Commitment to Transparency and Communication

We understand that this news may cause some uncertainty among our users. We are committed to keeping you informed of any major developments during this process. Our dedicated support team is readily available to offer professional assistance and provide comprehensive information to users who intend to transfer their XTP to their Tap wallet.
Please don't hesitate to get in touch with our support team, and we will ensure a seamless and guided transition for all our users.

Thank you for your continued support.

We appreciate your understanding and patience as we work through this situation. We are confident that we will find a solution that will be in the best interests of our community.

‍

Whether you’re new to the country or just looking to streamline your financial life, we’re shedding light on the top banks in the UK. The UK is home to some of the world's most prestigious banks, offering a wide range of financial services to individuals and businesses alike. In this article, we will take a look at the top banks in the UK, based on their assets, customer base, and reputation.

We will also discuss the factors that make these banks so successful, and what they offer their customers. Read on for our comprehensive guide to the top banks in the UK.

The ins and outs of banking in the UK

Banks in the UK work by offering a range of financial services to customers, such as current accounts, savings accounts, loans, credit accounts, and mortgages. With over 350 banks to choose from, competition is prevalent. Taking this into account, the Bank of England has outlined the top six banks based on data analysis from recent stress tests. They are as follows:

1. Barclays
2. Lloyds
3. HSBC
4. NatWest
5. Santander UK
6. Standard Chartered

To open a bank account in the UK, you will need to provide some personal information, such as your name, address, and date of birth. You may also need to provide proof of identity, such as a passport or driving licence. Once you have opened an account, you can use it to make deposits, withdraw money, exchange currencies and make payments.

You can also use your bank account to apply for loans and mortgages. Always be sure to check the interest rate and understand the implications of taking out a loan before doing so.

Here are some of the things you need to open a bank account in the UK:

• Proof of identity: This could be a passport, driving licence, or birth certificate.
• Proof of address: This could be a utility bill, council tax bill, or bank statement.
• Some banks may also ask for a deposit, which is usually a small amount of money.

Once you have gathered all of the necessary documents, you can apply for a bank account online, in person, or over the phone.

Fees to be aware of

Clients should be aware of the fees associated with UK bank accounts. These fees can vary depending on the bank and the type of account you have. Some common fees include monthly account fees, ATM fees, and overdraft fees. 

It is important to read the terms and conditions of your account carefully to understand all of the fees that may apply. You should also compare the fees of different banks before choosing an account.

Here are some tips for avoiding bank fees:

• Choose a bank with low or no monthly account fees.
• Use your bank's ATMs whenever possible to avoid ATM fees.
• Keep your balance above the overdraft limit to avoid overdraft fees.
• Sign up for online banking and bill pay to avoid paper statement fees.
• Consider a bank that offers rewards programs to offset some of the fees.

Alternatively, users can avoid these fees associated with sending money overseas by utilising the Tap2Tap solution. Providing seamless, cross-border payments for a fraction of the cost, this presents a much more cost-effective means to get your money to different corners of the globe. 

A look at the top 6 banks in the UK

Below we look at the advantages of each of these top rated banks and explore the benefits that they provide to their loyal customer bases.

1. Barclays

Barclays Bank stands as a pillar of the UK financial landscape, offering a range of compelling advantages. With a rich history dating back centuries, Barclays boasts a strong reputation for stability and trustworthiness. 

Customers benefit from an extensive network of branches and ATMs, ensuring convenient access to their accounts. Modern online and mobile banking platforms further enhance the experience, allowing seamless transactions and account management. 

Barclays' diverse product offerings, ranging from the standard Barclays Bank Account and Premier Current Account to specialised Student Additions Account and tailored financial solutions cater to a variety of needs, making it a reliable choice for individuals and businesses alike.

2. Lloyds

Lloyds Bank, one of the UK’s ‘big four’ banks dating back to 1765, presents a host of advantages for its customers. Renowned for its commitment to customer service, Lloyds offers personalised financial solutions tailored to individual needs. 

The bank's user-friendly digital platforms enable convenient banking on the go, while a widespread network of branches ensures accessibility across the nation. Lloyds' emphasis on innovation translates to cutting-edge services, enhancing the banking experience. 

With a wide array of products from Classic and Club Lloyds accounts to Platinum current accounts to mortgages, Lloyds remains a trusted choice for comprehensive financial solutions.

3. HSBC

HSBC, a major global bank, brings great benefits to its UK customers. With connections around the world, HSBC offers easy banking across borders, ideal for those with international ties. Their user-friendly online tools make managing accounts a breeze. 

From personal banking to business services, HSBC has built a number of options that cater to everyone’s needs. From a Basic Bank Account to the Advance Account to insurance products, credit cards and mortgages, this ‘big four' bank offers a wide range of options. This makes HSBC a trusted and versatile choice for various financial needs.

4. NatWest Group

NatWest, a well-known UK bank, brings you great benefits and an extensive network of ATMs. They have lots of branches for easy banking access, and their online and mobile banking are really easy to use. 

Whether you're an individual or a business, NatWest has solutions that fit you. They care about their community and offer a variety of helpful products, like the free NatWest Select Account or the NatWest Reward Account, making NatWest a reliable choice for your banking needs.

5. Santander UK

Santander UK, another well-recognized bank with international ties, offers a range of straightforward advantages. With numerous branches, banking becomes easy, and their online banking is designed for simplicity. 

Whether you're an individual or a business, the Spanish-rooted Santander bank offers tailored solutions. From the 1|2|3 Current Account to the Santander Edge Current Account, and the 1|2|3 Student Current Account catering specifically to students, Santander offers a wide range of options. 

Santander UK also sponsors the Santander Cycles program in London, providing an eco-friendly way to explore the city. Their modern banking approach and diverse range of products stand out. Choosing Santander UK means choosing accessible and customer-friendly banking for all your financial requirements.

6. Standard Chartered

Standard Chartered is another renowned financial institution offering unique advantages to its UK customers. With a strong global footprint, the bank brings a truly international perspective to its services. 

Seamlessly manage your finances through their user-friendly online and mobile platforms, from personal banking to private banking. Whether you're an individual or a business, Standard Chartered's diverse range of financial products is tailored to suit various needs. 

With their commitment to sustainable social and economic development across their business as well as extensive international experience, Standard Chartered offers an all-encompassing banking solution.

Exploring prime online bank accounts in the UK

Beyond traditional brick-and-mortar banks, the UK boasts an array of digital banking options. Here are some top contenders:

Monzo 

Operating through a user-friendly app, Monzo is another digital bank choice. They offer online accounts without fees for everyday banking services, simplifying your financial journey.

Starling Bank

As a fully authorised UK digital bank, Starling Bank offers a fee-free current account. The entire banking experience is seamlessly managed through their intuitive app.

Looking to send and spend money internationally? Tap into this user-friendly solution

The Tap product range was designed to cater seamlessly to the modern banker on the go. With a wide range of supported currencies, you can store, spend, and send money internationally in an instant, cost-effective way.

The platform allows users to send funds directly from the app in several currencies, conducting a currency conversion if needed at a very cost-effective rate. It also provides users with its dedicated card that can be used around the world at millions of merchants and ATMs, or online. 

Fully regulated, this fintech platform also offers ease of mind in its financial solution. 

Learn more about Tap. 

FAQ

Where can I find the interest rate in the UK?

You can easily check the current interest rate on the Bank of England's website. This rate can impact the interest rates that banks and other financial institutions offer.

 What is a credit score?

A credit score rating is a system that banks use to determine the likelihood of you getting a loan. The 3-digit number reflects how you've managed your debts and bills in the past, with the higher the score the better. With good practices you can improve your credit score.

Is Nationwide Building Society a bank?

Yes, Nationwide Building Society is the world's largest building society and seventh largest cooperative financial institution. With over 16 million members, it's composed of approximately 250 distinct building societies. The UK-based institution offers current account, mortgage, savings and other personal finance products.

Sources:

UK Banks: a comprehensive guide for expats

Rueters: top UK banks

Barclays

Lloyds

HSBC

NatWest

Santander UK

Standard Chartered

Tap

Navigating the world of cryptocurrency can be both exciting and incredibly overwhelming, especially when it comes to understanding the regulatory landscape in the United States. As the adoption of digital assets continues to grow, it's important to grasp the crypto regulation framework that governs it. 

In this article, we'll break down the key players and government agencies responsible for overseeing crypto markets in the US. Whether you're a beginner or someone looking to expand your knowledge, we aim to provide you with a clear understanding of how cryptocurrency, and crypto exchanges, are regulated in the United States.

The 4 main government agencies

These government agencies collectively contribute to establishing regulatory frameworks, protecting investors, preventing financial crimes, and ensuring tax compliance within the crypto exchanges and greater cryptocurrency landscape. Understanding their roles is vital for individuals and businesses engaging in cryptocurrency activities to navigate the regulatory landscape effectively.

Let's dive into the responsibilities and functions of some key agencies:

The Securities and Exchange Commission (SEC)

You’ve likely heard of the SEC, the Securities and Exchange Commission is one of the primary regulatory bodies when it comes to cryptocurrency. The SEC's main objective is to protect investors and maintain fair and orderly markets. 

In the context of cryptocurrencies, the SEC focuses on determining whether a particular digital asset qualifies as a security. This determination is vital, as securities fall under the agency's jurisdiction, subjecting them to stringent regulations. The SEC also takes action against fraudulent initial coin offerings (ICOs) and ensures compliance with securities laws.

The Commodity Futures Trading Commission (CFTC)

The Commodity Futures Trading Commission (CFTC) is responsible for overseeing the derivatives and futures markets, including those involving cryptocurrencies. The CFTC considers virtual currencies as commodities, thus granting the agency regulatory authority over cryptocurrency derivatives and trading platforms. By monitoring these markets, the CFTC aims to prevent manipulation, fraud, and other illicit activities.

The Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network (FinCEN) focuses on combating money laundering, terrorist financing, and other financial crimes. In the context of cryptocurrencies, FinCEN requires certain cryptocurrency businesses to register as Money Services Businesses (MSBs) and comply with anti-money laundering (AML) regulations. This helps ensure that illicit activities, such as money laundering through cryptocurrencies, are detected and prevented.

The Internal Revenue Service (IRS)

And lastly, the Internal Revenue Service (IRS) comes into play regarding the taxation of cryptocurrencies. The IRS treats virtual currencies as property, subjecting them to taxation. Cryptocurrency holders and traders are required to report their transactions and pay taxes accordingly.

The IRS has provided guidance on how to report cryptocurrency-related activities and is actively pursuing tax compliance in the crypto space. Remember, the onus lies on you to honestly and properly report any gains or losses made from the trading of cryptocurrencies. 

How does the SEC determine whether crypto is a security?

When determining whether a cryptocurrency qualifies as a security, the Securities and Exchange Commission examines factors such as whether the investment of money in a common enterprise holds the expectation of profits primarily from the efforts of others. If a cryptocurrency meets this definition, it falls under the SEC's jurisdiction and is subject to securities regulations. 

The SEC also plays a role in regulating initial coin offerings (ICOs) and has taken legal action against fraudulent ICOs that violated securities laws, aiming to protect investors from deceptive practices.

Additionally, the SEC has issued guidelines to provide clarity on compliance obligations, registration requirements, and disclosure standards for ICOs, emphasizing the importance of transparency and investor protection in the digital assets space. 

Understanding the SEC's role and its criteria for determining securities status is crucial for individuals and businesses operating in the cryptocurrency industry to ensure compliance and mitigate legal risks.

How individual states govern digital assets

While these four main federal agencies are responsible for building legal frameworks around these digital currencies, individual states in the US have started implementing their own rules and guidelines when it comes to cryptocurrencies. 

These regulations are designed to address specific concerns and tailor requirements to the unique needs of their jurisdictions. Noteworthy state-level initiatives include the introduction of licensing frameworks for cryptocurrency businesses, the establishment of regulatory sandboxes to promote innovation and the development of consumer protection measures. 

For example, states like New York have implemented the BitLicense, a regulatory framework for virtual currency businesses. Other states, such as Wyoming, have enacted laws to provide legal clarity and attract cryptocurrency companies. 

These state-level regulations add an additional layer to the overall regulatory landscape, highlighting the importance of understanding the specific requirements and compliance obligations within each state where cryptocurrency activities are conducted.

While some argue whether the federal government should regulate crypto assets, many in the industry are for the implementation of a regulatory framework as this will provide greater adoption and a broader understanding of digital assets.

Who regulates central bank digital currency?

In the United States, the Federal Reserve is currently looking into how a central bank digital currency (CBDC) could impact and fit into its domestic payments system. A central bank digital currency is a digital currency pegged to the local currency utilizing blockchain technology or digital ledger technology and operated by the country's central bank.

These digital assets are subject to different cryptocurrency regulations as the "companies" operating them are within the government's organization.

In conclusion

The regulatory landscape of cryptocurrencies in the United States is complex, involving key government agencies such as the SEC, CFTC, FinCEN, and IRS. For those operating within the crypto industry, in the states or greater financial markets, it’s important to stay informed about these regulations and compliance obligations.

Understanding the crypto regulation landscape will help with investor protection, preventing financial crimes, ensuring tax compliance, and promoting transparency in the ever-evolving crypto industry.