The clock is ticking for the highly disputed exit of Britain from the EU membership, cryptoanalysts are wondering what this means for the future of crypto in the country. Will this decision leave the UK deprived of legislative and regulatory support from the EU?
It seems as though with each passing week leading up to the date of the UK’s departure from the EU, it is digging its grave deeper and deeper into the ground. This decision, which majority of the British claim as an act of gaining back control, is bound to affect the crypto industry.
VAT applies to Bitcoin and it is still categorized as a private asset, subject to taxes wherever a profit or loss is exhibited.
So far, the UK has not been able to successfully enforce regulations and make important decisions, leaving Europe gobsmacked.
It is predicted that the UK might now fall far behind its partners within Europe in the crypto market because it seems to be indecisive and unclear regarding the regulations and legislature. This prediction comes at a time when the French to have gripped the key role in this respect.
The financial services authority of the UK released the latest update of their progress made by the cherry-picked Digital asset taskforce.
The finalized policy guidelines are still in progress. Taking the charge on the regulatory front, Franc seems more than happy to lead Europe, now that Britain could be left secluded after its decision in favor of Brexit.
However, there are still many who see a bright future for the UK after the Brexit ordeal. CEO of DSX (Digital Securities Exchange) believes that the UK will dominate in the crypto market, taking a legislative grip over it rather than Europe.