UK Sets Guidelines Of Crypto Donations
The Charity Commission said in recommendations published Wednesday that English and Welsh charities accepting cryptocurrency donations should keep accurate records and follow tax and money-laundering standards.
The regulator advised charities that assets like bitcoin (BTC) and non-fungible tokens (NFT) can be volatile, prone to hacking, and difficult to trace – and that they should consider whether adopting them at all.
“Our guidance stresses the risks involved in the use of cryptocurrency, and advises trustees to exercise caution,” Helen Stephenson, the Commission’s chief executive officer, said in a speech also given Wednesday.
The Commission, responsible for registering and monitoring nonprofits in England and Wales, in January said it was probing the Effective Ventures Foundation, which had received significant backing from Sam Bankman-Fried and his exchange, FTX, which filed for bankruptcy in November.
(With inputs from Shikha Singh)
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