Use crypto to boost post-Brexit Britain
Cryptocurrencies should be used to help Britain boost its financial services sector post-Brexit, according to the chief executive of financial advisory group deVere.
The UK economy recently showed signs of contracting for the first time since the 2016 referendum, fuelling speculation another UK recession could be on the cards. Meanwhile, Bitcoin was on a bull run and approaching US$12,000.
deVere Group chief executive, Nigel Green, said there were three ways Britain could use cryptocurrency to its good after Brexit.
Firstly, the UK would not be part of the EU which meant it would be able to set its own rules on cryptocurrency in the same way as countries such as Japan and Switzerland, secondly cryptocurrencies were borderless and seen as the future of finance and lastly, the UK already had a global financial technology hub which could be capitalised on further.
Green said: “London is, for the time being at least, the world’s largest and most important financial hub. But its dominance is fading as Brexit Britain flounders in uncertainty.
“I believe cryptocurrencies could and should dramatically help change the fortunes of Britain’s beleaguered financial services industry.
“The growing cryptocurrency market has already provided tangible economic benefits to other major economies. Post Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the UK’s financial services sector.”
AUTHOR
Laura Dew
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
