Report: United Kingdom Primed To Lead “Crypto Economy”

By On July 16, 2018

Report: United Kingdom Primed To Lead “Crypto Economy”

Adoption, RegulationReport: United Kingdom Primed To Lead “Crypto Economy” Shaurya Malwa Shaurya Malwa 2 hours ago 2 min read Report: United Kingdom Primed To Lead “Crypto Economy”

Reports suggest the U.K. may be en route to dominate the blockchain and cryptocurrency industry and join the ranks of Japan, Germany, and Malta.

U.K.’s Cryptocurrency Push

On July 16, 2018, The Guardian reported the strong presence of governmental and industrial resources to make the U.K. primed for turning into a blockchain “global hub” by 2022.

Citing research by DAG Global, Deep Knowledge Analytics, and Big Innovation Center, the report stated the £500 million ($584 million) investment in U.K.’s cryptocurrency sector in 2017-18 had a robust parliamentary backing, indicating a balance of institutional and legislation in the industry.

The chief executive of DAG Group, Sean Kiernan, believes the gap between the traditional and cryptographic financial system is fast closing down:

“The UK is a major global financial hub and in recent years has become a fintech leader as well. At the same time, it is starting to demonstrate significant potential to become a leader in blockchain technologies and the crypto economy.”

Echoing Kiernan’s thoughts is Birgitte Andersen of the Big Innovation Centre, who highlights the recognition of the “important and disruptive” blockchain technology by the U.K. government as an indication of commitmen t to accelerate the burgeoning industry. She added the continual of the digital economy via numerous government initiatives is a further noteworthy sign.

While Andersen acknowledges the significance of blockchain technology, she indicated the sector’s nascency implies a cryptocurrency economy would take years to fully concretize.

A Slew of Changes In-Progress

Cryptocurrency companies and regulators are taking steps towards making the country “crypto-friendly.”

Ripple Urges UK Regulators to Establish a Consistent Cryptocurrency Framework
Related: Ripple Urges UK Regulators to Establish a Consistent Cryptocurrency Framework

In April 2018, CryptoSlate reported Ripple Labs’ appeal to the U.K. government in creating optimal conditions for the growth of digital assets in the reg ion.

Ripple’s head of regulatory relations, Ryan Zagone, famously stated the “Wild, Wild, West” environment must be mitigated soon and the creation of strict consumer protection laws, Anti-Money-Laundering policies, and establishing financial stability act as “three pillars” in this regard.

Earlier this year, Philip Hammond, Chancellor of the Exchequer, established a “crypto task force” earlier this year to safeguard the rights of British alt-asset investors. The new regulatory group consists of members from their Treasury, the Bank of England and the UK’s ­financial watchdog, the FCA.

On May 11, 2018, U.K.-based Crypto Facilities launched the world’s first regulated Ethereum Futures, adding to its portfolio of Bitcoin and Ripple futures. The firm also works with the Chicago Mercantile Exchange on the CME CF Bitcoin Reference Rate, which is integral to the operation of Bitcoin futures.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Shaurya Malwa

Post-mining his first bitcoins in 2012, there was no looking back for Shaurya Malwa. After graduating in business from the University of Wolverhampton, Shau rya ventured straight into the world of cryptocurrency and blockchain. Using a hard-hitting approach to article writing and crypto-trading, he finds his true self in the world of decentralized ideologies. When not writing, Shaurya builds his culinary skills and trades the big three cryptocurrencies.

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