UK Will Be A Global Crypto Hub
A recent report by Big Innovation Centre, DAG Global, and Deep Knowledge proposes that the United Kingdom has the potential to become the world’s leading hub for cryptocurrency and blockchain development. The authors explain in details why the UK is the top destination for blockchain investors in over 960 pages. The study shows that in recent months the country has seen as much as $660 million invested in various blockchain projects. The report adds the UK’s strong positions in the fintech sector and sums up that in the next few years the UK is going to consolidate its leadership even more. “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. The gap between the two worlds of traditional finance and crypto economy remains, but in the coming years we can expect this to lessen and eventually disappear,” says Sean Kiernan, CEO and co-founder of DAG Global. Birgitte Andersen, CEO at Big Innovation Centre further adds, “Blockchain has been recognised by the UK parliament as a very important and disruptive technology, and it has shown commitment to support the accelerated development of the digital economy via a variety of government initiatives.” The report findings are quite surprising especially having in mind British authorities do not favor cryptocurrencies at all. Earlier this year, they warned banks about the risks that come with crypto trade. More precisely, banks were asked to refrain from doing business with crypto-related companies. Moreover, last year the Financial Conduct Authority paid special attention to initial coin offerings, describing them as “very high-risk, speculative investments”. The Authority CEO, Andrew Bailey, deemed crypto trade extremely risky as it is not regulated nor backed by central banks. All being said, it’s hard to imagine the UK at the forefront of blockchain development. Especially when countries like Malta, Estonia, and Switzerland are already using blockchain technologies on a daily basis. Furthermore, some of the largest blockchain and crypto projects are headquartered in Malta and Switzerland. Plus, Malta already has blockchain regulations in operation. Read the full article