UK Allowing Crypto Charity But Warning About Risks
According to the British Charity Commission’s instructions announced on April 26, UK organizations that take cryptocurrency donations must maintain accurate records and follow taxes and money laundering regulations. Authorities have cautioned organizations that receiving assets like BTC or NFTs is risky since they are extremely unpredictable in price, vulnerable to hacking, difficult to identify donations, and of little use.
Nonetheless, the Commission tackles the hazards connected with cryptoassets in addition to authorizing charity contributions in cryptocurrency. These include the volatility of their value, which can fluctuate rapidly, the possibility of fraud or theft by hackers, and the lack of protection compared to traditional currencies or financial products – because cryptoassets are largely unregulated, you are unlikely to have access to the Financial Services Compensation Scheme (FSCS) or the Financial Conduct Authority (FCA) if something goes wrong. Moreover, cryptoasset regulations differ by country; some governments prohibit cryptoassets, while others have extensive regulatory requirements.
Source
https://t.me/DeFi_Ethereum
