According to recommendations from a major advisory group deVere, the United Kingdom would benefit greatly from implementing a crypto friendly regulation.
According to the company, it would ease the stress that the country will face from a post-Brexit recession.
deVere group brought examples of several countries in the world that have benefited from introducing a friendly cryptocurrency regulation and is enticing the FCA to do the same.
Although the FCA hasn’t made a deliberate decision on how it will treat cryptos, it has sort of gone off the rails in its decision to potentially ban crypto CFDs.
London has always been a hotspot for finance and cryptocurrencies are starting to find their way into major corporations, receiving the first Bitcoin only bond offering from a major firm.
According to further announcements from the CEO of deVere, the UK will have much more room to manoeuvre after exiting the European Union as implementing a custom crypto regulatory framework is paramount for the country due to differing ideals and financial goals in the future.
Furthermore, now that the UK could potentially be cut off from offshore markets in the EU, it’s essential to have a fast transaction system with minimum fees in order to facilitate trade on the same level as before.
Furthermore, several large institutions such as the Bank of England have already showcased their positive relationship with Facebooks’ Libra.
All it takes is a simple and comprehensive guideline.