Cryptocurrency is always hitting headlines these days amid controversies related to regulations. Lately, the Binance crypto exchange gained a license to operate in Bahrain and the United States government has nodded to be coming up with crypto regulations soon. Similarly, the United States is now eyeing the growth of the segment in the country.
It is an optimistic argument that cryptocurrency can generate jobs as well as prosperity. The segment can add to economic growth and improve the lives of people simultaneously. Hence, grabbing the opportunities is the key here and reaping the rewards is desired.
History is evident that the UK has always evolved with the same philosophy and evolved at a faster pace compared to the competing countries across the world. Today, it is one of the best FinTech hubs and financial centers.
The roots of the UK's rich financial markets date back hundreds of years. The country is well equipped with a legal framework. Its regulatory authority, the FCA, has always ensured safer innovation and allowed new services to reach the customers in a controlled fashion. All of these echo that the foundation is strong and Brexit has opened legislative as well as regulatory freedom.
The country must continue adapting. The policymakers are arguing to have a digital-first approach to help further the growth of the financial services sector. The last decade witnessed a remarkable growth in crypto technology and believed can redefine the current financial services. The costs can be minimized for consumers, transparency can be enhanced and promise better security of digital assets. Everything will be reshaped including pensions, mortgages, insurance and currencies.
The financial institutions are now pouring brainpower as well as resources into blockchain technology. They know the paradigm shift is underway and simultaneously the public sector should follow.
The UK now has a choice to make whether to embrace the new technology or remain skeptical. The country can embrace the crypto asset and set a new standard for the world. It may become the birthplace of innovation in the financial industry.
FCA has lately released a crypto guideline and many firms have registered themselves abiding by it. A couple of these firms are completely regulated and are looking for building a financial market infrastructure with the use of blockchain technology.
The regulatory barriers will be minimized in the future. Crypto may become reality in the country. Investors and consumers may deal in crypto assets. A new chapter is to be written in the history of financial freedom in the UK.