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News sources all around the globe regularly report stories tied to the post-Brexit UK. The situation remains up in the air. Also, no final decisions on how things will pan out are expected until the fall. One financial advisory giant recently weighed-in with its views.
The deVere Group has close to $10 billion of managed assets. Its CEO is Nigel Green and he is clearly pro-crypto as a commonsense solution to future financial growth. He went on record to suggest that pro-cryptocurrency regulation should be a central part of the post-Brexit United Kingdom. He made his views known in an interview with the fintech news outlet Verdict.
The financial giant is concerned that the current situation could trigger a recession in the UK. This would happen in the event of a no-deal Brexit. Green was quoted as saying:
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 sector.”
Cointelegraph noted that the UK has failed to provide any comprehensive regulatory direction for Bitcoin (BTC) and other leading cryptocurrencies in the market. It has taken a bearish approach in any previous actions. This includes earlier suggestions to ban crypto derivatives. However, the UK’s private sector continues to advance the crypto agenda. Earlier this month, a London-based firm launched the first bitcoin-based bond.
Reports have also shown that local UK consumers have continued to embrace BTC and other altcoins despite no clear regulatory guidelines. The same thing is happening in the US behind a patchwork of legal regulations.
Green believes an exit from the European Union would allow London to preserve its status as a financial hub. This could make things easier to move forward with pro-crypto regulations. That has already been the case in countries such as Sweden and Japan.
Cryptocurrencies- which are digital, global and borderless- are unquestionably the future of money. This is noted by the growing amount of retail and institutional investment into the burgeoning sector.”