Is Bitcoin Legal in the UK 2021? Can You Buy Bitcoin Legally in the UK?
Hi, Zeply here, giving you all the information you need on Bitcoin and its history. Today, we’re taking a look at the legality of Bitcoin, specifically in the UK. By the time we’re finished, you’ll be under no illusions on whether you can call Bitcoin legal or not. Are you based in the UK, or hoping to trade Bitcoin in the UK? Then you’ll need to read this guide to get started.
But first, a bit about us. We’re one of the most vibrant Bitcoin companies around. Our team are excited for the continued improvements in Bitcoin technology and intend to be right at the forefront. In short, we’re passionate about Bitcoin and the cryptocurrency world. If there’s something worth knowing about Bitcoin, we’ll know it. We wanted to create this guide for you to help you discover what’s so great about Bitcoin and why you should jump in on this cryptocurrency.
Bitcoin: What Is It, Why Do I Need It And Is Bitcoin Legal in the UK?
So what is Bitcoin? Bitcoin is a cryptocurrency – a currency that is bought, sold, traded and transferred online using cryptography. It’s fast becoming one of the most-traded currencies in the world. It’s even growing faster than gold trading. Part of its success is down to its simplicity. Bitcoin can be moved in seconds all over the world, making it the perfect currency to send to your friends or family in their time of need. Many are also investing in it, keen to see a financial future with Bitcoin in it.
Bitcoin was first created in 2008 by Satoshi Nakamoto, so it’s been around for a while now. It’s only in the past few years that it has become mainstream, thanks to interest from well-known industry brands such as Tesla and Mastercard. Trading has also become more common, with Bitcoin available to purchase through many brokers alongside other cryptocurrencies. Bitcoin is undoubtedly the most popular, as demonstrated by the steep incline in price the currency has received since 2013. Statista, a leading global survey and statistics company reported the price of Bitcoin to be 196.02 in October 2013. Compare this to early 2021 where prices rose to above 50,000 and you can see the way the wind is blowing.
Key Bitcoin Takeaways
- The most popular cryptocurrency in the world
- Can be moved between Bitcoin wallets instantly
- 100% Legal in the UK
- Can be traded using CFDs if you can’t afford to own full Bitcoin
- No fees are added to transactions when using Zeply
Safety And Security When Buying Bitcoin in the UK
Bitcoin is the original cryptocurrency, formed in 2007. It is used in place of fiat currency (physical coin and note currency) to purchase goods and services. It can also be exchanged, bought, sold and traded throughout the world, providing it is within the laws of your residing country.
We’re based in Estonia, where we hold a license from the Estonian Financial Intelligence Unit (EFIU) who are working to counteract money laundering and terrorist financing both here and overseas. This license also allows us to operate throughout the world, including in the UK.
For Zeply customers in the UK, you’ll be reassured to know that we accept payments using VISA and Mastercard. Every one of these payments are protected using Verified by VISA or Mastercard SecureCode to keep your funds secure.
Bitcoin UK Regulations
In the UK, legislation has been slow-arriving. But in 2020, the FCA set out some guidelines to advise what can – and can’t – be done with Bitcoin. So is Bitcoin Legal?
Bitcoin is legal in the UK, with some restrictions around the sale of Exchange Traded Notes only. Compliance with these rules are important to protect less-experienced traders from purchasing cryptocurrency products without understanding the risks. Bitcoin trading and ownership may also be subject to taxes. Check with the tax office to see if this affects you.
These UK restrictions are safer than those in Japan, who have held off on setting any specific rules on whether Bitcoin can be traded in their country.
How To Purchase Bitcoin in the UK
Each Bitcoin business has their own method of purchasing Bitcoin. At Zeply, we pride ourselves in making the process as easy as possible. The first thing you need to do is register with us. To do this, you need to fill in a brief registration form. We’ll ask for your personal details such as email, date of birth and address. Once the registration form is completed you’ll need to verify your identity. We do this to ensure compliance with EFIU and FCA guidelines on protecting our customers.
Verifying Your Identity
To verify your identity, we ask for a national ID and a photo of the front and back of your payment card. Don’t worry, we don’t need all your card details, and any details you give us will be encrypted for use in our verification processes. Once a card has been added you’re welcome to buy, send, trade, exchange or store your Bitcoin.
You can purchase Bitcoin directly using your card details. To do this you’ll need to have a card added to your account and press the ‘Buy’ button. You can then store your bought funds in an existing Bitcoin wallet or create up to three Bitcoin wallets with us for additional storage.
Oh, we know you dread added fees as much as we do. That’s why we’ve eliminated them from our website. Yup, that’s right. No fees whether you’re buying, trading, exchanging, storing or sending Bitcoin to another person. The only added charges are exchange rate costs, which are standard in the financial industry.
To find out more about our Bitcoin buying, selling and exchange services contact us today!
Is Bitcoin Legal? FAQ
Let’s break down the question ‘Is Bitcoin legal?’ Here in the UK, it is legal to hold, send, buy, sell and exchange Bitcoin. This means you’re perfectly fine to have them and use them as you see fit. However, if you were to try and purchase Bitcoin Exchange Trading Notes in the UK you would not be able to do so.
Good question! Our first place to check is a businesses licensing. Are they licensed in the country they operate in? If they are, that’s a good start. Once you’ve established this, see if they follow any rules or legislation which covers your resident country, for example, FCA approval or an adherence to age verification. If they do, they’re likely legit. But one other place to check to be sure are review sites. Customer reviews are useful to give an idea of how a business is performing and whether they can be trusted. Read a few reviews from actual customers to get a true reflection of what their customer service skills are like.
Hmm, that’s a tricky one. It will all depend on what you’re hoping to achieve. Would you like to buy Bitcoin? If so, take a look at our support pages where you’ll find out everything you need to know about getting started. Remember that when you register with a legitimate Bitcoin broker or storage business, you’ll need to verify your account before you can make a transaction. You’ll find information on verifying your account on our Zeply.com website.
Our withdrawal process is currently in creation. Check back soon for more information!
This is a two-part question. First, is Bitcoin legal in the UK? Yep, it is! With India, things are a little tricky. In 2020, cryptocurrency was banned in India. However, this ban has since been overturned pending regulation to support the cryptocurrency industry. Please check with your local government website to check the latest advice. If you would like to know if your country is supported by Zeply, please view our unsupported country list for further details.