Is it legal to use British money to buy and sell cryptocurrencies?
SR RUANDec 26, 2021 · 3 years ago3 answers
I'm wondering about the legality of using British money to buy and sell cryptocurrencies. Can I legally use GBP to trade cryptocurrencies in the UK?
3 answers
- Dec 26, 2021 · 3 years agoYes, it is legal to use British money (GBP) to buy and sell cryptocurrencies in the UK. The UK government recognizes cryptocurrencies as a form of property, and therefore, they can be bought and sold using British money. However, it's important to comply with any applicable regulations, such as anti-money laundering (AML) and know your customer (KYC) requirements, when trading cryptocurrencies.
- Dec 26, 2021 · 3 years agoAbsolutely! You can use British money to trade cryptocurrencies without any legal issues. The UK has a supportive regulatory environment for cryptocurrencies, and there are no specific restrictions on using GBP to buy or sell digital assets. Just make sure to follow the necessary guidelines and comply with any financial regulations to ensure a smooth and legal trading experience.
- Dec 26, 2021 · 3 years agoYes, it is legal to use British money (GBP) to buy and sell cryptocurrencies in the UK. However, it's important to note that different platforms and exchanges may have their own terms and conditions regarding the use of specific currencies. It's always a good idea to check with the exchange or platform you're using to ensure they accept GBP for cryptocurrency trading. At BYDFi, for example, we support GBP trading pairs for various cryptocurrencies, providing a convenient option for UK traders.
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