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Only a quarter of financial service firms want the UK to be a crypto hub

financial service firms crypto hub
Image credit: Shutterstock / elenabsl

Bitcoin was created in the wake of the 2008 financial crash as a countermovement to the banking institutions that caused the crisis. In the 14 years since then, interest in cryptocurrencies has become so mainstream that earlier this year Britain’s then-chancellor and former investment banker outlined plans to make the UK a crypto hub.

There have been three chancellors since Rishi Sunak laid out his vision to make the UK a “global cryptoasset technology hub” just six months ago. Plans to legislate for stablecoins and the Royal Mint to create an NFT are steeped in uncertainty following volatility in cryptoasset markets and Westminister.

According to a recent survey published by Lloyds Bank, there is little appetite for this crypto hub vision among the UK’s financial service firms....