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Amidst the US turmoil, the UK crypto industry remains optimistic

Could the UK Cryptocurrency Industry Benefit from Regulatory Upheaval in America? Industry, and the Prime Minister, Rishi Sunak, certainly hope so. The US crypto sector may be under siege. But some in the UK are finding reasons for optimism despite – or precisely because of – the campaign.

The UK appears poised to take advantage of regulatory hostility and uncertainty in the US, say members of the British crypto industry. In contrast to their counterparts across the pond, the relationship between cryptocurrency and the government looks promising. Companies in the global industry tend to seize opportunities.

Pro-Crypto Premier

Prime Minister Rishi Sunak has been a staunch advocate of cryptocurrency since entering Downing Street last October. But his enthusiasm for technology actually dates back to his time as finance minister under Boris Johnson. His short time in the senior job was generally well received by the industry.

After only months in the role, Sunak has already laid down plans To be a global center for digital currencies. He said in a tweet. Others have taken note.

“We have a prime minister and city minister who understand that the world is changing rapidly,” Simon Jennings, UK executive director of the Cryptoasset Business Council, told BeInCrypto.

“They know that if they get it right, the UK can attract investment, create new jobs, reap the benefits of tax revenue and create a whole wave of groundbreaking products and services that will launch the digital revolution.”

With a nascent crypto industry, and many laws yet to be written, companies are optimistic about what the country can do. Brexit, which usually divides opinions in other areas, is more than unifying among blockchain enthusiasts.

Leaving the EU “left the UK free to carve out its own regulatory path and be nimble in its approach,” Jennings said. A point that many agree with.

“The city minister recently pledged to put in place a regulatory framework within 12 months — much faster than the MiCA.”

There are areas where Britain seems out of the ordinary, as with its crackdown on crypto ATMs. But overall, industry members are feeling hopeful.

positive relationships

A recent report by the Treasury Select Committee made a number of suggestions. I suggested that the UK regulate consumer trading in unsupported cryptocurrencies along the lines of gambling. (Treasury Select Committees are formal groups of representatives independent of government. They don’t write laws.) Although the Treasury Department has already disproved that idea, according to UK Cryptoasset Business Council.

“The UK remains the financial center of Europe, and cryptocurrency integration is set to exponentially increase this,” said Mike Crosby, acting CEO of poundtoken, the issuer of the first regulated stablecoin in sterling.

“Despite the recent headlines, our leadership understands that proper regulation of the cryptocurrency industry starts with the major players in the industry. At the end of the day, we believe that an enabling environment is coming,” Crosby continued.

Support did not just come from the national government. “Our local MP has been really helpful in opening doors and helping us grow,” said Joe David, CEO of crypto-accounting firm Myna.

People also view the nation’s capital as a leading financial center, if not the largest in the world. And therefore as a source of optimism. London regularly tops the rankings as the best cryptocurrency hub in the world.

In 2022, the UK’s financial and professional services sector will generate a trade surplus of £64 billion. The world’s largest. UK tech companies have also raised a major investment of £24 billion. It exceeded the combined investment of France and Germany, which totaled £11.8 billion and £9.1 billion when converted from euros to pounds sterling.

In David’s view, the EU is at a disadvantage. This is due in part to the relative pace of their simplification of systems.

David continued: “Those who think the EU will race ahead and pull out the bureaucracy may not have paid attention to the past 40 years.”

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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