The Future of Cryptocurrencies in the UK Hangs on FCA’s Decision

Since the days of the British Empire, the United Kingdom has been one of the world’s largest and most influential economic powerhouses. Even though its financial control over the world has substantially decreased, the country is still one of the most culturally relevant regions in the world, especially when it comes to the adoption of a trend. 

A survey by London-based law firm Michelmores LLP revealed that 20% of affluent millennials in the United Kingdom have invested in Bitcoin (BTC) and other cryptocurrencies. Keeping this in mind, when the U.K.’s Financial Conduct Authority (FCA) proposed a crypto ban, it caught the attention of the entire crypto ecosystem. 

Crypto regulations in the U.K.

Up until now, the U.K. hasn’t made any specific crypto-focused law, and its regulators have had a fairly lenient approach to cryptos. Although the country has no explicit cryptocurrency legislation, cryptocurrencies are not deemed legal tender, while exchanges have registration…