The UK lags behind other countries in supporting the crypto sector
Crypto industry insiders have expressed that the UK government’s recent efforts towards ‘making the UK a global hub for crypto asset technology’ may not be enough to win over the burgeoning sector. CEO’s warn that the UK still has a long way to go in terms of innovations as the majority of the sector left the UK for more progressive countries in Europe. The financial regulator had given businesses a deadline of March 31 for authorization, which has left them in limbo. However, there is anticipation of an optimistic course correction for the Financial Conduct Authority.
The Chancellor’s Announcement
The Chancellor of the Exchequer has announced plans to allow Britons to pay with crypto money and said stablecoins will be accepted in the future. A new group has also been set-up to engage with the crypto industry, and a ‘sandbox’ has been created to allow startups to innovate under the watchful gaze of regulators. A non-fungible token (NFT) is to be produced by the Royal Mint, and this symbolic act shows significant strides in the move of crypto asset technology in the UK.
The Industry’s Reaction
Despite this, insiders like Peter Smith, the CEO and Founder of Blockchain.info, have stated that over 90% of the sector has left the UK for more progressive countries in Europe. However, Industry experts see the Chancellor’s announcement as a welcome change from their previously limited stance and a step in the right direction.
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