UK could miss the crypto boom as startups eye friendlier markets
The post UK could miss the crypto boom as startups eye friendlier markets appeared on BitcoinEthereumNews.com. Britain’s fintech and cryptocurrency sectors face increasing pressure as founders and investors shift focus to more supportive jurisdictions. Some entrepreneurs claim that due to the saturation of the UK market, strict regulatory policies, and the lack of funding, UK business owners take their businesses outside the country. Industry leaders argue that the Financial Conduct Authority (FCA) has hindered the entry and growth of newcomers in the financial technology industry. In an interview with CNBC, some executives opined that the country’s fear of the unknown has become a hindrance to expansion. Zopa’s Chief Executive Jaidev Janardana said the UK was once the leading fintech market, but the pace has shifted. He said there are places like Singapore and Hong Kong that are more progressive. However, he cautioned that the UK cannot afford to lose focus as it is evident that on some fronts, it is ahead of the EU on issues to do with emissions. Unclear crypto regulations push firms to look elsewhere While the United Kingdom hosts some of the leading fintech companies globally, the state of crypto businesses indicates the uncertainty that hampers growth. Cassie Craddock, Ripple’s UK and European managing director, added that Britain fails to progress while global counterparts adopt friendly crypto policies. The U.S., under the presidency of Donald Trump, has reduced the actions taken to enforce trade policies. The EU’s Markets in Crypto-Assets (MiCA) regulation is already effective, and others, such as Singapore, UAE, and Hong Kong, remain active. Craddock pointed out that these are the factors generating the global momentum the UK has yet to gain. This intent to regulate stablecoins, staking, and crypto custody is clearly articulated by the UK Treasury in the draft legislation published on April 29, 2020. The proposal is part of the government’s “Plan for Change” and seeks to…
The post UK could miss the crypto boom as startups eye friendlier markets appeared on BitcoinEthereumNews.com.
Britain’s fintech and cryptocurrency sectors face increasing pressure as founders and investors shift focus to more supportive jurisdictions. Some entrepreneurs claim that due to the saturation of the UK market, strict regulatory policies, and the lack of funding, UK business owners take their businesses outside the country. Industry leaders argue that the Financial Conduct Authority (FCA) has hindered the entry and growth of newcomers in the financial technology industry. In an interview with CNBC, some executives opined that the country’s fear of the unknown has become a hindrance to expansion. Zopa’s Chief Executive Jaidev Janardana said the UK was once the leading fintech market, but the pace has shifted. He said there are places like Singapore and Hong Kong that are more progressive. However, he cautioned that the UK cannot afford to lose focus as it is evident that on some fronts, it is ahead of the EU on issues to do with emissions. Unclear crypto regulations push firms to look elsewhere While the United Kingdom hosts some of the leading fintech companies globally, the state of crypto businesses indicates the uncertainty that hampers growth. Cassie Craddock, Ripple’s UK and European managing director, added that Britain fails to progress while global counterparts adopt friendly crypto policies. The U.S., under the presidency of Donald Trump, has reduced the actions taken to enforce trade policies. The EU’s Markets in Crypto-Assets (MiCA) regulation is already effective, and others, such as Singapore, UAE, and Hong Kong, remain active. Craddock pointed out that these are the factors generating the global momentum the UK has yet to gain. This intent to regulate stablecoins, staking, and crypto custody is clearly articulated by the UK Treasury in the draft legislation published on April 29, 2020. The proposal is part of the government’s “Plan for Change” and seeks to…
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