The UK’s cryptocurrency industry has come a long way over several years. What was once a fledgling unregulated sector is continuously becoming a strong, well-regulated piece of the UK’s financial industry. However, the path forward has not always been straight and narrow.
Finance Magnates recently sat down with Ian Taylor, chair of CryptoUK, to discuss how cryptocurrency regulations have changed in the UK over these past years, as well as what is happening today. CryptoUK describes itself as “the self-regulatory trade association for the UK cryptoasset industry, established to promote higher standards of conduct.”
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CryptoUK recently published an open letter to the Financial Conduct Authority (FCA) regarding a new ‘registration authorisation’ requirement for cryptocurrency companies in the UK. Under the rules of the authorization, cryptocurrency companies were required to apply for the right to continue their operations by January 9th, 2021. The deadline has since been extended to July of 2021; however, with less than three months to go, less than 5% of applicants have received a decision.
As a result, the cryptocurrency industry in the UK has reached a sort of ‘tipping point’. Here is what is happening.
This is an excerpt that has been edited for clarity and length. To hear Finance Magnates’ full interview with Ian Taylor, visit us on Soundcloud or Youtube.