Cryptocurrency Regulation to be Welcoming for Business – United Kingdom
The United Kingdom [UK] is planning out and designing crypto-regulations that will be revealed in 2019 with the main target of implementation to attract business that are based in the Continental-part of Europe.
With Brexit, it is obvious that London was impacted by political and economic uncertainty which hoisted the motivation for many firms or enterprises to move ship to Pairs, Amsterdam or Frankfurt. However, there are plans set in motion to change the situation – or even revert for dealing-with-crypto business.
The Financial Conduct Authority (FCA) announced that they will be working with the UK Treasury Committee in order to analyse the risks and opportunities related to cryptocurrencies and blockchain technology.
“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.”
Keeping in mind that the crypto-blockchain market and technology are working in an almost fully unregulated market it does make taking measures not easy at all. Many do support the idea that regulations should not be implemented and set to function at all which would result with various firms and companies developing great businesses and products, however, if there are frauds or scams then it would automatically become a situation tanking the growth of the ecosystem.
Member of European Parliament – Kay Swinburne added:
“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.”