Search

The U.K.'s e-money regime has allowed fintech companies to prosper, providing a path for startups to garner millions in early customers so long as their funds were safeguarded by a fully licensed bank. April 20, 2022 Britain's prior approach to regulating financial technology has been held up as the de facto bar, industry executives told Bloomberg - but on crypto, its more risk-averse outlook has stymied the sector's growth. [Extracted from the article]

April 08, 2022 Circle Internet Financial has conducted a number of "state visits" to the U.K. in the last year, flying over its most senior executives to engage with government, regulators and industry bodies with a view to expanding its business in the region. The Boston-based payments and financial infrastructure company behind the USDC stablecoin has held both virtual and in-person meetings with a range of U.K. officials and crypto industry executives, some of which included a delegation of the company's top brass. [Extracted from the article]

Bloomberg News Robinhood Markets agreed to acquire Ziglu, a London-based crypto and payments company, ending the U.S. brokerage's long pause on international expansion. "Together with the Ziglu team, we'll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the U.K. and Europe", Robinhood CEO Vlad Tenev said in the statement. [Extracted from the article]

While the direct risk to the U.K. financial system is limited for now, stability risks may emerge if the pace of growth continues and the assets become more entrenched in the wider system, the BOE said. The Bank of England called on policymakers to beef up the global framework for regulating cryptocurrencies to prevent them from threatening the wider stability of financial markets. [Extracted from the article]