DeVere CEO: Friendly Crypto Regulations Can Help UK Deal With Post Brexit Financial Services Woes
Cryptocurrencies such as Bitcoin can play a significant role in reshaping and reinvigorating the UK's financial services sector post-Brexit, according to the founder and CEO of one of the world’s largest financial advisory organisations, Cointelegraph reports.
Nigel Green, CEO of deVere Group argued that Britain was at serious risk of a recession as Brexit loomed, with the financial services industry which is a vital part of the country’s economy facing a loss of investment.
With about $10 billion of assets under its advice, DeVere is cautious that the UK will end up in recession if the country opts for a no-deal Brexit that the politicians have said it could be inked as early as October.
Green warned that London is under the threat of losing its spot as the largest and most important financial hub in Europe and world as Brexit fears is keeping investors under uncertainty.
However, he said that cryptocurrencies could provide the solution to the country’s Brexit woes as a UK free from European legislation would be better placed to embrace the emerging industry than its European neighbours. He explained:
“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.”
Failure to Provide Definitive Crypto Regulatory Roadmap
The UK has been slow to come up with comprehensive regulatory framework for cryptos and government officials have been bearish about the industry floating ideas like total banning of crypto derivatives.
However, the dark cloud surrounding the crypto industry in the country has not slowed down business enthusiasm and at the start of the month, a firm in London launched the global first Bitcoin only bond.
In addition, as the pound keeps on slowing down, locals are preferring to store their assets in terms of cryptos such as Bitcoin as well as other tokens.
Future of Money
Green says that cryptocurrencies are the future of money and the UK can use its situation to position itself as the preferred crypto base. He said:
“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.”
Green explained that after the UK leaves the EU she will free herself from the bloc’s famously known slow and burdensome bureaucratic protocols. This will allow authorities and lawmakers to come up with own rules and regulations that will enhance the establishment of an innovative, pro-business and well regulated financial market.
Through this the UK will be able to retain its position as a financial hub in the world joining other countries like Japan and Switzerland.
Green also noted the entry of financial institutions in the market like JP Morgan and Facebook as a major sign that cryptos are about to become mainstream and the UK should set its sights on the future to be ahead of other countries.
He also stated that the UK was at a better position to embrace Brexit cryptos since the country has its might in both fintech and blockchain.
“UK is already a thriving global fintech and blockchain hub. This should be capitalised on further,” He advised.
Can the UK capitalize on the popularity of cryptos to enhance the development of its financial sector post-Brexit? Let us know in the comments section.