As now most of the world is finally exploring crypto and related products, the United Kingdom is seeing itself as the potential Fintech and Crypto Hub.
United Kingdom, the Crypto Hub
Recently on Jan 26 UK member of Parliament Matt Hancock stated that if done right the kingdom Could increase transparency and take lead in the new revolutionary technology.
He asked the relevant minister whether he will make sure that at the same time when the policy is made, it will lead to the extraordinary growth of crypto in the UK and it is home to innovations like Fintech. Hancock asserted:
“These innovations have the potential to disrupt finance, just as social media has disrupted communication, or online shopping has changed retail.”
For the post-brexit UK the new technologies can be economic drivers, he added.
Crypto in UK
It is very clear that so far the UK is acting very cautiously. As though they are leveling layers of regulations on the crypto market, they are also trying not to discourage crypto firms to an extent that the UK is left behind in Fintech.
On account of increasing criticism, the UK Financial Conduct Authority has recently announced plans to regulate crypto related advertisements. The UK Finance Minister stated that while the cryptocurrency could offer people exciting opportunities to invest and transact, it is vital to protect consumers from products with misleading claims.
Previously, through a statement FCA had discouraged people investing in crypto as the regulator had stated that the market is unregulated and the investment involves high risk.
June, last year, crypto company Binance was stopped by the regulators to engage in services regulated in the kingdom. However, the company was allowed to sell crypto through it website, after the issuance of letter stating that the company is unregulated.
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