While other European countries are gradually moving towards the legalization of cryptocurrencies, the UK authorities have long been skeptical about the new trend. But in connection with the "Brexit" expected in March 2019, the UK government has started thinking about the possible ways of maintaining their economy after leaving the European Union - and paid attention to cryptocurrencies.
In February, the UK Exchequer began to study cryptocurrencies and blockchain to assess the technology protection level for investors, users and companies. The Financial Services Authority (FSA), in conjunction with the UK Exchequer and the Bank of England, plans to publish a report on cryptocurrencies. The next step will be the development of its rules of crypto-regulation, which the UK plans to promulgate already this year.
Since similar requirements are being developed by the EU countries, the UK needs to offer more beneficial conditions in order to make investors and crypto startups choose it, and not other European economies. Whose proposals will eventually turn out to be more attractive is not yet known. But such competition can positively affect the European cryptocurrency market in the future.
