Britain risks losing crypto entrepreneurs

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CNBC

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Business

Business & Economics

Britain at risk of losing ground to rival fintech and crypto hubs, execs warn

Summary

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81% Informative

Britain at risk of losing budding fintech and cryptocurrency entrepreneurs to rival hubs if it doesn't address pressing challenges with regulation and funding, industry leaders say.

Several crypto bosses told CNBC this week that the U.K. has created an unfavorable environment for the industry.

They argued that the local regulator takes too strict an approach to registering new firms, and pension funds are too risk-averse.

FCA is the regulator responsible for registering firms that want to provide crypto services within the scope of money laundering regulations in the U.K. Last year , the watchdog published a roadmap detailing its plan to implement crypto regulation.

A full regulatory regime is expected to go live by 2026 .

A survey of more than 80 crypto firms found that half were denied bank accounts or had existing ones closed by major banks.

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semi-formal

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English

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not offensive