A vast proportion of the British crypto and blockchain industry remains shut out of traditional banking, despite the drive to establish the UK as a leading hub.
The Treasury, Bank of England and the Financial Conduct Authority (FCA) have all, to varying degrees, acknowledged the UK’s leadership in digital finance and have expressed intentions that align with establishing the region as a global hub.
This has been shown through the proposal of new legislation to provide a more consistent regulatory environment for cryptoassets.
Moves have been made to approve the trading of crypto-backed exchange-traded notes (ETNs) and the Bank of England is exploring how stablecoins and central bank digital currencies can be introduced into the economy.
Despite this, much of the industry is faced with a fundamental barrier to growth, with firms in the sector largely unable to receive even basic services from major institutional banks....