Cryptocurrencies to help boost UK’s financial services sector in post-Brexit era: deVere CEO

Cryptocurrencies such as bitcoin could play a significant role in reshaping and strengthening the UK’s financial services sector post-Brexit, according to the CEO and founder of deVere Nigel Green.

Green believes that Brexit and the lingering uncertainty has inflicted an unprecedented damage on the UK’s financial services sector, which makes up about 6.5 per cent of Britain’s overall GDP.

“Companies across the industry have had to take precautionary action to safeguard their interests. There’s been a steady drain of investment, confidence, talent and activity away from UK financial services – and this is only likely to intensify in the coming months and even more so should the UK leave with no deal,” he said.

Green added: “I believe cryptocurrencies could and should dramatically help change the fortunes of Britain’s beleaguered financial services industry for three key reasons.

“First, once outside of the EU, the UK will not be beholden to the bloc’s notoriously slow and burdensome bureaucratic protocols. It could promptly establish its own rules and regulations and set-up an innovative, pro-business, well-regulated market. This could position it alongside other crypto-friendly jurisdictions such as Japan and Switzerland - and ahead of many EU member states.

“Second, cryptocurrencies – which are digital, global and borderless – are unquestionably the future of money. This is noted by the growing amount of retail and institutional investment into the burgeoning sector. Whilst other jurisdictions focus on the current, the UK should set its sights on the future to be ahead of the game.

“And third, the UK is already a thriving global fintech and blockchain hub. This should be capitalised on further.”

Green concluded: “The growing cryptocurrency market has already provided tangible economic benefits to other major economies.  Post-Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the UK’s financial services sector.”

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