The U.K. needs to take the lead in “fostering innovation” in the crypto space, according to the chair of CryptoUK, who suggested Bitcoin has the potential to change global institutions.
No Reason Why It Can’t
That’s according to Iqbal V. Gandham, managing director of eToro. He’s also chair of the UK Cryptocurrency Association (CryptoUK).
In a report from the Express, Gandham said:
If the U.K. is going to have any say in blockchain and crypto innovation and is going to lead the world, it needs to act in 2019. Otherwise, like the internet, even though Tim Berners-Lee invented it, other countries will take ownership. So if the U.K. wants to be the home of capital markets and money it needs to take leadership in this space.
He added that he saw “absolutely no reason” why the U.K. couldn’t be a leader in the crypto space. The government of the British Isles has been somewhat reluctant to promote the industry, with MP Nicky Morgan saying that Bitcoin operates in a “wild west” space.
In June, though, Gandham assured MPs that investors’ crypto assets are secure. Answering questions raised by the U.K.’s Treasury Select Committee, he said that “security is improving.” However, the issue of regulation remains a barrier. This is something that many jurisdictions are turning their attention to in order to give investors better protection.
According to Gandham, regulation could and should be on the table within a year. He added:
It is really important to get ahead of the curve on this one. When it comes to money, you have got to get ahead of the curve.
Countries Considering Crypto Regulations
France is also considering regulations. Last month, it was reported that the Paris-based Financial Action Task Force (FATF) had said it will launch guidelines by June 2019. It’s hoped that they will eliminate the threat of fraud, which seems to be the driving force behind them.
However, while some may think this is a negative on the space, it can also be seen as a positive. The simple fact that discussions are taking place around crypto is certainly a good thing.
Albania is another region thinking about crypto regulations. By implementing them it hopes to attract investment to what is one of the poorest countries in Europe.
It remains to be seen what impact, if any, regulation will have on the space. Yet, this may be the only way forward to see the industry flourish.
How do you think regulation will impact crypto? Do you think it’s good or bad? Let us know in the comments below.
Images courtesy of ShutterStock.Tags: bitcoin, CryptoUK, eToro, UK
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