UK cryptocurrency regulations may soon extend to monitor user wallets

UK cryptocurrency regulations have been the Financial Action Task Force (FATF) compliant, but it appears that the government may opt to monitor …

UK cryptocurrency regulations have been the Financial Action Task Force (FATF) compliant, but it appears that the government may opt to monitor user wallets.

To ensure money laundering is curbed, the Financial Conduct Authority (FCA) of the United Kingdom (UK) has proposed certain limitations for software programs that are built by crypto developers.

The Anti-Money Laundering and Counter-Terrorism Financing regulations are expected to be extended for entities or institutions that are concerned with digital transactions and cryptocurrencies. These requirements will be enforced in the upcoming year.

The regulations will also apply to companies that produce open-source software and those that produce light wallet software.

UK cryptocurrency regulations: Tracking transactions

The requirements were initially proposed as a decision of her Majesty’s Treasury. The decision aimed to widen the approach of Anti-Monday Laundering and Counter-Terrorism Financing regulations for companies that deal with cryptocurrencies.

This proposal is expected to be approved and enacted into United Kingdom’s Law by Q1 2020.

Coin Center; a research institute for cryptocurrency that is based in the United States, has spoken against the extension of these regulations, exclaiming that such proposals violate the rights of freedom of speech and privacy.

Conclusively, the authorities are striving to have control over cryptocurrency and crypto technology. The newly proposed regulations aim to track user transactions, especially those that are unlawfully performed.

Imposing Restrictions

The proposed extension of UK cryptocurrency regulations aim to impose more control over the crypto space. Previously, the FCA also imposed restrictions on cryptocurrency investors. The authority implied that conventional buyers of cryptocurrencies have inadequate knowledge of the crypto space, which makes them unable to make informed decisions.

Since late June 2019, the cryptocurrency industry is now required to share user data with the Financial Action Task Force (FATF).

UK’s Financial Conduct Authority has not yet provided any explicit information regarding the subject; thus, it is not certain if open-source software code will be exempt from the extended regulations.

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Avestar Capital LLC Makes New Investment in Uber Technologies Inc (NYSE:UBER)

Foundation Capital LLC bought a new position in shares of Uber Technologies during the second quarter valued at approximately $34,801,000.

Uber Technologies logoAvestar Capital LLC acquired a new stake in Uber Technologies Inc (NYSE:UBER) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 629 shares of the ride-sharing company’s stock, valued at approximately $27,000.

A number of other hedge funds have also modified their holdings of the business. Enlightenment Research LLC purchased a new stake in Uber Technologies during the second quarter valued at about $543,000. Burleson & Company LLC bought a new position in Uber Technologies in the second quarter worth about $289,000. National Asset Management Inc. bought a new position in shares of Uber Technologies during the second quarter valued at approximately $642,000. Foundation Capital LLC bought a new position in shares of Uber Technologies during the second quarter valued at approximately $34,801,000. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Uber Technologies during the second quarter valued at approximately $864,000. 45.32% of the stock is currently owned by institutional investors and hedge funds.

Uber Technologies stock traded down $0.82 during midday trading on Friday, hitting $33.25. 9,206,427 shares of the stock were exchanged, compared to its average volume of 8,745,539. The stock’s 50-day moving average price is $36.41. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.36. Uber Technologies Inc has a fifty-two week low of $30.67 and a fifty-two week high of $47.08.

Uber Technologies (NYSE:UBER) last issued its quarterly earnings results on Thursday, August 8th. The ride-sharing company reported ($4.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.33) by ($1.39). The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the company earned ($2.01) EPS. The firm’s revenue was up 14.4% compared to the same quarter last year. As a group, analysts forecast that Uber Technologies Inc will post -7.2 EPS for the current year.

Several equities research analysts recently weighed in on UBER shares. Mizuho initiated coverage on shares of Uber Technologies in a research report on Tuesday, June 4th. They set a “buy” rating and a $50.00 price target for the company. Stifel Nicolaus began coverage on shares of Uber Technologies in a report on Tuesday, July 2nd. They issued a “hold” rating and a $50.00 target price on the stock. Needham & Company LLC set a $52.00 price target on shares of Uber Technologies and gave the stock a “buy” rating in a research note on Thursday, July 11th. Morgan Stanley decreased their price objective on shares of Uber Technologies from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday. They noted that the move was a valuation call. Finally, Canaccord Genuity started coverage on shares of Uber Technologies in a report on Tuesday, June 4th. They issued a “buy” rating and a $55.00 target price on the stock. Ten research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $53.50.

Uber Technologies Profile

Uber Technologies, Inc develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Its driver partners provide ridesharing services through a range of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis, as well as based on the number of riders under the UberBLACK, UberX, UberPOOL, Express POOL, and Uber Bus names; and restaurant and delivery partners provide meal preparation and delivery services under the Uber Eats name.

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Institutional Ownership by Quarter for Uber Technologies (NYSE:UBER)

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The assault on ‘contract employees’ isn’t about helping workers at all

California’s new law aims to force the likes of Uber, Lyft and Postmates to classify workers as employees, not independent contractors. But the main …

Gov. Andrew Cuomo is talking about “protecting” New Yorkers from employment as independent contractors. He’d be wise to see how it works out in California, first.

“More people should be considered employees because what has been happening is companies have been going out of their way to hire independent contractors to get out” of offering them benefits, the gov said recently. Really?

California’s new law aims to force the likes of Uber, Lyft and Postmates to classify workers as employees, not independent contractors. But the main force pushing for the law is organized labor, because these arrangements make unionizing difficult.

Sure, advocates claim the idea is to make companies to offer benefits like health insurance and end exemptions from minimum-wage and overtime laws. Yet everyone working as an independent contractor knows the deal before they sign up. They take it because they see other benefits, from the ability to work for many different “bosses” to the power to control their own work schedules.

And the California law already has lots of happy workers worried: Travel agents, for example, see their livelihood threatened. Freelance journalists would also be panicking if the law hadn’t specifically exempted them, along with other professions that mobilized in time, such as doctors, securities dealers, insurers and real estate agents.

Uber and Lyft, meanwhile, will fight the law in court — so it may only hit much smaller businesses, with far tighter profit margins.

If Cuomo really means to stand up for workers, rather than do another favor for unions, he’ll at least put this idea on hold until a lot more evidence rolls in.

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Why IRS is hitting hard on cryptocurrency traders?

Cryptocurrency traders in the United States of America (USA) are under the Federal agency Internal Revenue Services’ (IRS) gun lately. IRS has been …

Cryptocurrency traders in the United States of America (USA) are under the Federal agency Internal Revenue Services’ (IRS) gun lately.

IRS has been issuing warning letters and action letters to suspected digital currency holders and traders. These traders and holders of cryptocurrency might have probably misreported their digital assets on the tax returns.

Throughout the country, letters such as the 6173, 6174-A and the CP2000 have been received by many of these cryptocurrency traders. Moreover, the software companies that deal with crypto tax have been dealing with an increasing number of frantic customers who are seeking help to avoid penalties.

Why the IRS is coming hard on cryptocurrency traders?

This whole episode of chaos is owed to the reports that IRS does not have adequate information, not only that but the information it does have is misleading.

The Federal agency is getting all such information from an exchange Coinbase and relying on this information the agency is coming after a huge number of crypto traders, up till now ten thousand (10,000) warning letters and action letters have been issued.

In several countries, including the USA, cryptocurrencies are recognized as property rather than currency. So, like other property such as real estate, bonds and stocks, as one incur the capital losses and capital gains one has to report one’s tax returns upon buying, selling, trading and even disposing of one’s cryptocurrency.

All this is quite understandable, but as the crypto enthusiasts haven’t been paying their taxes on the cryptocurrency activity, the agency’s move is justified. However, the information is utilized by the IRS is misleading and is thus leading to various problems.

It is worth noting that crypto exchanges are not able to provide tax reports like the stock brokerage. Owing to this very fact that the digital and cryptocurrency users are transferring cryptocurrencies in and out of their exchanges.

Hence the exchange cannot possibly know-how, from where, when or the cost the cryptocurrency has been acquired. The only thing they can see is that they are appearing on one’s wallet on their platform.

Lastly, the information received by IRS from these crypto exchanges does not reflect the right state of the capital losses and gains, and this is causing so many problems for millions of users as this is what decides the amount to be paid for taxes and not on the gross transaction amounts. So, it is advised to consult a tax professional for further clarification and help.

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Comerica Bank Makes New $587000 Investment in Uber Technologies Inc (NYSE:UBER)

Comerica Bank bought a new position in shares of Uber Technologies Inc (NYSE:UBER) in the 2nd quarter, according to its most recent Form 13F …

Uber Technologies logoComerica Bank bought a new position in shares of Uber Technologies Inc (NYSE:UBER) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,454 shares of the ride-sharing company’s stock, valued at approximately $587,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in UBER. Legacy Advisors LLC acquired a new position in shares of Uber Technologies during the 2nd quarter worth about $26,000. Sound Income Strategies LLC purchased a new stake in shares of Uber Technologies in the 2nd quarter valued at about $28,000. Signaturefd LLC purchased a new stake in shares of Uber Technologies in the 2nd quarter valued at about $31,000. Regal Wealth Group Inc. purchased a new stake in shares of Uber Technologies in the 2nd quarter valued at about $32,000. Finally, Trustcore Financial Services LLC purchased a new stake in shares of Uber Technologies in the 2nd quarter valued at about $36,000. 45.32% of the stock is owned by hedge funds and other institutional investors.

Shares of Uber Technologies stock traded down $0.82 during trading hours on Friday, reaching $33.25. 9,206,427 shares of the company’s stock were exchanged, compared to its average volume of 8,745,539. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.36. The company’s fifty day moving average is $36.41. Uber Technologies Inc has a 52-week low of $30.67 and a 52-week high of $47.08.

Uber Technologies (NYSE:UBER) last issued its earnings results on Thursday, August 8th. The ride-sharing company reported ($4.72) earnings per share for the quarter, missing the consensus estimate of ($3.33) by ($1.39). The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the prior year, the business earned ($2.01) earnings per share. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. Equities research analysts anticipate that Uber Technologies Inc will post -7.2 EPS for the current year.

Several analysts have commented on the company. Barclays assumed coverage on Uber Technologies in a research note on Tuesday, June 4th. They set an “overweight” rating and a $50.00 price objective for the company. Daiwa Capital Markets assumed coverage on Uber Technologies in a research note on Tuesday, June 25th. They set a “neutral” rating for the company. Bank of America assumed coverage on Uber Technologies in a research note on Tuesday, June 4th. They set a “buy” rating and a $53.00 price objective for the company. Oppenheimer set a $55.00 price objective on Uber Technologies and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, BTIG Research initiated coverage on Uber Technologies in a research report on Tuesday, June 4th. They set a “buy” rating and a $80.00 target price on the stock. Ten research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $53.50.

Uber Technologies Company Profile

Uber Technologies, Inc develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Its driver partners provide ridesharing services through a range of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis, as well as based on the number of riders under the UberBLACK, UberX, UberPOOL, Express POOL, and Uber Bus names; and restaurant and delivery partners provide meal preparation and delivery services under the Uber Eats name.

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Institutional Ownership by Quarter for Uber Technologies (NYSE:UBER)

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