• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

UK Crypto Regulations Could Lure Startups From Europe

Rick Delafont by Rick Delafont
3 years ago
in
Reading Time: 2min read
uk
Advertisement

The UK are expected to reveal their own cryptocurrency regulations later in 2018. Earlier today, the Financial Conduct Authority (FCA) announced that they’d be collaborating with the UK Treasury Committee, as well as the Bank of England in drafting a discussion paper on various aspects, risks, and opportunities presented by cryptocurrencies.

Can Positive Future Legislation Attract Startups Away From Europe?

Although they do not currently have scope to regulate cryptocurrencies, the FCA stated in their announcement today that the topic of digital currencies was becoming increasingly hard to ignore globally. They also claimed that they were planning to respond to an earlier Treasury Committee inquiry. The report the three bodies draw up could have an impact on any regulations going forward.

At present, cryptocurrencies are entirely unregulated in the UK. However, in recent months, greater strides towards some form of legislation governing the space have been made.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Back in February, the UK Treasury Committee began to explore digital currencies and blockchain technology. According to the government body, the goal of the inquiry was to investigate how protection could be provided to investors, consumers, and businesses, whilst simultaneously encouraging innovation.

This latter point is particularly important given the political context in which Britain currently resides thanks to their decision to leave the European Union by the end of next March. Cryptocurrencies therefore present an opportunity to attract new businesses and industry to the UK in the wake of “Brexit”. Financial regulation expert from UK law firm Kemp Little, Jacob Ghanty, told the Independent:

“At a high level, there is pressure on the UK authorities to develop a comprehensive strategy towards crypto, as sooner or later the EU will develop its own approach meaning there will need to be compelling reasons for crypto firms to locate in the UK.”

Ghanty was careful to highlight the risks that investors faced in an entirely unregulated space and that these too would form a crucial part of any rules that emerge from the discussion paper.

When it comes to regulation, there is great division within the cryptocurrency space. Some believe that regulations are needed to bring “legitimacy” to digital currencies. Others are of the mindset that digital currencies cannot be effectively regulated and that state “legitimacy” is meaningless for a system that exists without needing permissions from regulators. Meanwhile, some believe that government intervention can only serve to stifle innovation. For them, foolish investors who get burned in ICO scams like that promoted by heavyweight boxer Floyd Mayweather deserve to lose out. This approach naturally allows for the greatest innovation within cryptocurrency but is often criticised for hurting those who behave unwisely with their funds and encouraging scam artists. From the FCA announcement, it appears that the UK will attempt to nurture innovation whilst protecting users. How this approach fares remains to be seen.

Image Courtesy of Shutterstock
Tags: Financial Conduct AuthorityregulationUK Treasury Committee
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Ethereum

TA: Ethereum Dives Below $1,500, Why Bulls Are Losing Control

2 hours ago
Bitcoin

TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

4 hours ago
bitcoin cheat sheet

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

6 hours ago
bitcoin bloomberg march

Bloomberg Chief Analyst Says Bitcoin Could “March To $100,000” From Here

11 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients

18 hours ago
Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

20 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bittrex Global Exchange to List Ndau for Long-term Holders

March 4, 2021

Polkadex, DEX Built for Web3, Raises $3m From CMS Holdings, Outlier Ventures, OKEx Capital and More

March 4, 2021

Casino Betting Coin launches $FUN Uniswap pool

March 4, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.