Statement Regarding FCA

We have determined following detailed discussions with the FCA and our legal advisers, that we do not need to be FCA registered as a cryptoasset exchange or as a custodian wallet provider. Accordingly we withdrew our application on March 19th 2020. As a result we are no longer on the FCA’s Temporary registration list.

If at any time in the future we are required to be registered with or authorised  by the FCA or any other financial regulatory agency, then we will immediately take steps to do so.

What is Scotcoin?

Scotcoin was established in 2013 and subsequently set up  a CIC (Community Interest Company) in 2015. It  is one of the first and most successful country-related alternative digital currencies.Scotcoin is proud of its Scottish roots but it is not limited to Scotland. It can be used by individuals and businesses worldwide to transfer wealth, products and services. In order to process transactions quickly and securely Scotcoin uses an industry standard ERC-20 token on the Ethereum blockchain.

What is a Scotscan? is where you can go to set up your very own Scotcoin address in the format of @Scot. Sign up there by choosing your own address. It’s a brief process. Once signed up you will be able to send, receive and store Scotcoin. Transfers are almost instantaneous and fee-free.

You can also go to either The App Store or Google Play and search ‘Scotscan’.

Where can I buy Scotcoin?

We will be moving to an exchange in the near future where you will be able to buy and sell as you please. If you are interested in details of availability please email [email protected]

Where can I spend Scotcoin?

Visit our growing directory of people, businesses and organisations using Scotcoin.

How can my business accept Scotcoin?

Create a Scotcoin address – in the format [email protected] – for your business and publish the address. Clients and customers send payments to your wallet. Once you have confirmed the payment, you can distribute the goods or services.

How can I help the Scotcoin Project?

Start using Scotcoin, follow us on Twitter and Facebook, spread the word to friends, family and business associates.

What is block chain and what is cryptocurrency? Is there a difference?

Blockchain is the enabling technology that underpins cryptocurrency. Cryptocurrency is money based on trust in cryptographic, mathematical proofs.

How many people are currently involved in cryptocurrency and will interest keep rising?

Approximately one billion people hold some form of crypto wallets. These figures are rising exponentially all the time. Interest will continue to rise as adoption and use continues to rise.

What is the difference between cryptocurrency and the money in my wallet?

The value of a crypto currency does not rely on issuance of money by governments or Central banks – hence no quantitative easing and falling value over time of your wallet.

What is a wallet?

A crypto wallet (e.g. MyEtherWallet) enables you to store and transfer ERC20 Scotcoin.

How can I use my cryptocurrency?

With your crypto-wallet (e.g. Metamask)

Can I leave cryptocurrency in my Will?

Yes, make sure your beneficiaries get your pass phrase(s) at the appropriate time. Lose the pass phrase and you lose the wallet and its contents. THERE IS NO RESET.

What is Ethereum?

The Ethereum blockchain hosts the Scotcoin smart contract. Every Scotcoin transaction is secured by the power of the network.

What is Cryptocurrency?

A Cryptocurrency is a digital currency where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Cryptocurrencies operate independently of a central bank. Scotcoin is a Cryptocurrency.

What is The Scotcoin Project?

The Scotcoin Project promotes Scotcoin and helps individuals and businesses to implement its use. Click here for more information.

Why has blockchain and cryptocurrency become so popular?

Crypto currencies are not inflationary. They are cheaper to transact and do not rely on third party involvement – it is straight peer to peer . Negative perceptions of future monetary trends have accelerated acceptance.

How safe is blockchain?

Blockchain is based on incredibly complex cryptography. Mathematically it is safer than the chances of finding one specific grain of sand not just on earth but in the entire universe.

Will Cryptocurrency overtake money as we know it?

Indications are that it may eventually – growth will be exponential then explosive. Actual cash transactions are already disappearing fast.

Where can I spend my cryptocurrency?

Dell, Microsoft, Overstock, Expedia etc, all accept Bitcoin. Cryptocurrencies are beginning to see widespread adoption all over the world with ever increasing numbers of merchants accepting a range of coins.

Do I need to pay CGT on any gains made?

Yes HMRC treats any gains from any source in exactly the same way. Always seek advice from a professional if you are unsure of your tax implications.

Can Scotcoin share a timeline of events with its customers?

Scotcoin is an ERC20 token. All previous versions are no longer supported and we are no longer migrating to the ERC20 token. The next major milestone for Scotcoin is listing on an exchange which we anticipate in the foreseeable future. The listing process has to take account of prevailing market conditions at the time.