Statement regarding FCA
The Scotcoin Project CIC has been temporarily registered under the
Money Laundering, Terrorist Financing and Transfer of Funds
(Information on the Payer) Regulations 2017 as a cryptoasset
business until 9 July 2021, pending the determination of our
application by the Financial Conduct Authority.
We will continue to comply with the MLRs, including the
requirement at regulation 60A, to inform our customers before
establishing a business relationship or entering into a transaction
with them, that our cryptoasset activity is not:
- Within scope of the jurisdiction of the Financial Ombudsman Service, or
- Subject to protection under the Financial Services Compensation Scheme, or
- Within scope of the jurisdiction of, or subject to the protection under, any of the schemes referred to in this statement
What is Scotcoin?
Scotcoin was established in 2013 and 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 Scotcoin Wallet?
In order to use Scotcoin you must set up a Wallet on your smartphone, tablet or desktop device.
Where can I buy Scotcoin?
You can buy Scotcoin using a decentralized exchange (DEx) or directly from us, which helps finance the project.
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 Wallet 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?
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 60 million Bitcoin wallets and at least the same again in other crypto currencies. 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 piece of software that allows you to transact your crypto coins – it does NOT store them. A crypto wallet (e.g. MyEtherWallet) enables you to store and spend them.
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.
Where can I find out more about Scotcoin?
Contact us for more information.
Why has block chain 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 neet 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 visual timeline of events with its customers?
Our migration period including bonus has now ended. You will always be able to migrate (just not including the bonus). The Covid -19 pandemic has meant we have had to change our plans slightly and so the next major milestone is anticipated to be that there will be an IEO in the latter half of 2021.