Is the UK more receptive to digital assets than you think?

In the past, the Bank of England and the Financial Conduct Authority (FCA) would have seemed to be out of step with the UK government. Earlier this year, Rushi Sunak, the previous Chancellor of the Exchequer and now aspiring replacement Prime Minister commented on this when he stated: “It is my ambition to make the UK a global hub for crypto asset technology…”  furthermore adding, “the Treasury has confirmed its intention to recognise stablecoins, digital assets pegged to the price of real world assets, as a valid form of currency.”

Source: Twitter

Meanwhile, Nikolay Storonsky, CEO of Revolut, has been frustrated by the FCA “for its tardiness in dishing out a UK banking licence for the firm”. Storonsky has complained that UK regulators were slower to grant regulatory approval compared to other jurisdictions: “I definitely see the process is slower compared to other regulators,” he stated, adding, “I’ll give you an example - so we applied for 48 licences across the globe and we received …