Expert warns Brexit Britain ‘must beat’ EU to cryptocurrency regulation

Dmitriy Saksonov, the CEO of Blockchain (BC) Sports, described the government’s recent moves as an “overwhelming welcome relief” following a series of industry scandals.

Saksonov, who has utilized his personal fortune to establish a Brazilian football academy in search of the next Neymar, warned that not capitalizing on the opportunity to embrace crypto before the EU would be a “tremendous own goal” for the UK.

“The UK could position itself at the forefront of the regulated crypto industry right now,” he explained.

“The EU isn’t as enthusiastic, and this gives the UK an opportunity to differentiate itself from its European competitors.

“Not only that, it’s signalling to them, ‘Hey, we’re open for business, come on in.’ Not many other major economies are doing that, so in my eyes, it’s a bonafide Brexit bonus that should be seized.”

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Monday’s announcement included the requirement for market participants to be authorized before offering services to consumers.

This move follows the EU’s deployment of the world’s first comprehensive rules for crypto asset markets in June, aiming to attract crypto firms seeking regulatory certainty to establish themselves in the bloc.

Ahead of the proposed February public consultation, the UK’s rules will mandate firms undertaking cryptoasset activities to be authorized by the Financial Conduct Authority, although no specific start date was provided.

The rules cover various crypto-related activities, including offering cryptoassets, operating trading platforms, swapping crypto assets for currencies such as sterling, arranging investments and lending in cryptoassets, and safekeeping or custody.

The ministry clarified that the new rules would be integrated into existing market laws, rather than existing as a standalone regime.

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