Regulating bitcoin enterprises is still mostly a work in progress in many nations. While some countries want to severely limit the use of bitcoin, others are taking a more welcoming approach. For many years now, the United Kingdom has served as Europe’s financial capital, and it now seems that it will do the same with bitcoin.
For his first trade tour since re-election, British Prime Minister David Cameron brought the usual suspects as well as a bitcoin business called Blockchain.
This is wonderful news for the bitcoin business in the United Kingdom since the British Government has yet to take a firm position on the matter. Additionally, both anti-money laundering regulations and positive remarks from the Bank of England should be expected from bitcoin firms.
For the United Kingdom to host a bitcoin startup and develop into a bitcoin centre requires more than just sending a trade delegation to the U.S. On an official trip to Indonesia, Singapore, Vietnam, and Malaysia, you wouldn’t expect to see this type of company.
Blockchain co-founder and CEO Peter Smith stated in an interview, “There are a few peer-to-peer lending firms, as well as an e-commerce company and a bank software-as-a-service provider. In addition, “major infrastructure businesses” are also on the delegation.
It is also worth mentioning that the popularity of investing in cryptocurrencies is growing all around the globe, including the United Kingdom. Nowadays, many investors desire to spend their money in cryptocurrencies, which has increased the number of transactions and made the nation one of the major centres in Europe. Furthermore, many individuals who are interested in cryptocurrency trading today want to make their trade simpler and more effective. As a result, traders often use crypto trading robots, which enable investors to automate their trading process and personalize their experience. Furthermore, these robots allow consumers to avoid spending time staring at charts for hours on end. Many times, investors are unable to respond rapidly enough to price movements in order to make the best investments possible. This difficulty is exacerbated even more by exchange and transaction time slowdowns. Devoting time to the crypto markets would need 24-hour surveillance of all bitcoin exchanges across the world.
In the last six months, Blockchain’s wallets and API have seen a twofold increase in transactions, and the business currently boasts 4 million users worldwide.
Smith seemed upbeat when questioned about the possibility of regulating bitcoin in the United Kingdom. There has been a great deal of collaboration with the British government, particularly with Number 10 and the policymakers in general. According to the Prime Minister, the invitation is a sign of the excellent relationship and his devotion to fintech, particularly fintech 2.0,” he stated. In the last several months, they’ve dedicated more than $10 million in research funds to look into this. Because of (British Chancellor of the Exchequer) George Osborne’s stated support for bitcoin, we may anticipate some kind of regulation very soon.” Just hope it’s more lenient than the BitLicense issued by the New York Department of Financial Services!
It doesn’t come as a surprise that the UK is among the top countries in terms of cryptocurrency hubs. There has been $170 billion worth of transactions in the UK, making it Europe’s top cryptocurrency trading destination.
CNWE has the largest cryptocurrency economy in the world, receiving more than $1tn worth of digital tokens over the last year, according to research by blockchain analytics platform Chainanalysis.
According to the statistics, the amount of CNWE transactions increased dramatically across practically all cryptocurrencies and service types, but particularly on decentralized finance (Defi) protocols.
In addition to that, the institutional transactions have grown dramatically, from $1.4 billion in July of last year to $46.3 billion by June of this year. It is also worth noting that the UK government tries to lessen regulations of crypto trading, which will have a positive effect on the crypto market in the UK.
According to a study, three criteria were used to gather data on North American, European, and Eastern Asian countries, Latin America and the Middle East, as well as the Middle East.
Chainalysis report shows that the reasons for this growing adoption varied around the globe. The best cryptocurrency books point to disparities between regulation, entrepreneurial hubs and cultural attitudes.
The United Kingdom ranked higher than the rest of Europe’s top five countries, which included France, Germany, the Netherlands, and Switzerland.
Over the course of the year, North America was the second-largest cryptocurrency economy in the world, collecting more than $750 billion in transactions.
There has been an incredible surge in worldwide cryptocurrency acceptance, with more than 2,300 per cent growth in only three quarters, and 881 per cent since the beginning of 2019.
Last week, the price of bitcoin rose to a record high as investors bet that the Securities and Exchange Commission (SEC) of the United States would authorize the establishment of an exchange-traded fund (ETF) based on bitcoin’s futures contracts.
SEC’s investor education office tweeted on Thursday that “before investing in a fund that contains Bitcoin futures contracts, make sure you thoroughly assess the possible risks and advantages.” Investors were encouraged by this statement.