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UK is far from a crypto hub, says former finance minister

UK is far from a crypto hub, says former finance minister

Former UK Chancellor of the Exchequer Philip Hammond has warned that the country must achieve its vision of becoming a crypto hub.

Activists of Cryptocurrencies Rishi Sunak was optimistic about mass adoption when he was appointed as the country’s new Prime Minister. It happened because of him Tweeted “We are working to make the UK a global hub for crypto.”

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Hammond expressed concern that England was lagging behind race To establish itself as a crypto hub. He recently took over as the Chairman of the Copper Exchange. It provides security, prime brokerage and settlement services to institutional investors.

England is lagging behind

Former UK Chancellor of the Exchequer said To the Financial Times: “The UK must lead the way in this post-Brexit space. He allowed himself to retreat. Switzerland is further ahead. The EU is also moving fast. There must be an appetite to take some measured risk.

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Copper says it had to withdraw the UK registration form in 2022 due to slow processing by the Financial Conduct Authority (FCA). After that, the company was registered in Switzerland. Is this the reason Hammond praises Switzerland over England?

Hammond also noted that Copper is about to close $2 billion in new financing. In July 2022, it received Series C funding from Barclays at the same valuation. It is also worth noting that the company was looking to raise $500 million in a $3 billion valuation from Tiger Global and SoftBank Group, but FCA backed out of the fight.

Fraud nation is slowly taking steps towards crypto regulation

UK ships signals Confused about their pro or anti-crypto stance. Clashes with the authorities have continued Companies in the areaMainly Crypto.com tries to avoid “false advertising”.

However, strict advertising rules are the need of the hour, especially after that Decline From many companies that have aggressively advertised their offerings.

The UK National Crime Agency has also established a dedicated unit to tackle cryptocurrency-related crime. The company wants to hire a professional Blockchain to your crypto unit.

Furthermore, the Edinburgh Reform, announced in December 2022, indicated that the government wanted to establish a safer regulatory environment for stablecoins. Rishi Sunak mentions the government’s intention for a “broad range of investment-related crypto activities.”