Breaking News

Brexit urges for UK Crypto Regulations to Attract Business from Europe
Editorial Team

The investment decisions are defined in a high grade by the actions of the cryptocurrency regulators. As crypto and Blockchain investments are growing everywhere, the countries with the most attractive legal frameworks will take advantage. The United Kingdom (UK) is expected to reveal its cryptocurrency regulations before 2019, intending to attract business settled in Europe.

The Brexit made it clear to the UK and in particular to London that they are moving towards an economic and political period of uncertainty. Yet, some enterprises have decided to move their headquarters to Paris, Frankfurt or even Amsterdam. However, they could revert this situation by attracting crypto-related firms.

The Financial Conduct Authority (FCA) announced that they will be collaborating with the UK Treasury Committee to analyze the risks and opportunities related to cryptocurrencies and Blockchain technology.

Jabob Ghanty, financial regulation, commented:

“At a high level, there is pressure on the UK authorities to develop a comprehensive strategy towards crypto, as sooner or later the EU will develop its own approach meaning there will need to be compelling reasons for crypto firms to locate in the UK.”

It is significant that cryptocurrencies and Blockchain technologies are working in an unregulated market and restrictive measures are difficult to be created. While some specialists argue that no regulations should be implemented, this approach could allow several firms to create incredible businesses and products. However, facing several scams or frauds, this environment to grow is difficult and some regulations should be created.

Kay Swinburne, member of the European Parliament, said about London becoming a global Blockchain hub:

“For me, this whole distributed ledger technology, we have to embrace it. The UK post-Brexit: how does the City of London stay relevant? The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging.”

During 2018, new regulations will be debated worldwide and the United Kingdom will have a more precise position towards these technologies.