NFT News Official TheBitTimes.com

Chase Bank will start to block crypto payments in U.K. from October 16th. The retail bank says the ban is related to an increase in crypto frauds. Chase Bank has an active user base of well over 1.0 million in the U.K. Chase Bank – a subsidiary of JPMorgan has decided to ban crypto -related transactions in the United Kingdom. Why is Chase Bank banning crypto transactions? Payments via outgoing bank transfers or the debit card suspected to be linked to crypto currencies in any way will be blocked from October 16 th , the bank told its customers in an email today. Chase said it was moving to impose an outright ban because crypto scams are on the rise in the U.K. We’ve seen an increase in the number of crypto scams targeting U.K. consumers. So, we’ve taken the decision to prevent the purchase of crypto assets. The retail bank has an active user base of well over 1.0 million in the United Kingdom. U.K. consumers have lost millions to cry...

The UK government has been told that it’s “simply not equipped” to properly tax crypto, following reports that bereaved families face potentially huge bills on inherited crypto that they can’t even access. As reported by Telegraph Money, around $30.2 million is lost every day worldwide as Crypto traders die without leaving their keys to their relatives.  However, despite the fact that these families will likely never even get their hands on these funds, let alone get to spend them, they could still be liable for some pretty hefty tax bills. In the UK, the tax-free threshold currently stands at £325,000 ($409,000) with anything above this value taxed at 40%. For example,  a £425,000 ($535,000) estate that includes £100,000 ($126,000) in cryptocurrency — whether it’s accessible or not — could still incur a £40,000 ($50,000) bill . Coinbase warns users their info was passed to UK tax office Read more: NFT designer arrested for allegedly evading Crypto Tax in Israel According ...