The UK’s Financial Services Authority (FCA) has released new initiatives to help Bitcoin companies develop better in the UK. The move may mark a shift from a previous practice to a digital currency to a regulatory body.
FCA’s laissez-faire development has not had a negative impact on the British Bitcoin company, and the UK has the world’s most attractive environment for Bitcoin business and is Europe’s largest financial center.
Project Innovate started
FCA CEO Martin Wheatley announced the new project Project Innovate in London last week.
Authorities say the project hopes that the country’s regulatory environment will ensure positive bitcoin-like development.
Project Innovate hopes to innovate in the financial sector, and FCA also hopes to create an environment for the most promising and innovative companies to enter.
Wheatley reflects on many issues related to the digital currency business, such as innovation and business models. He also acknowledged that these development efforts have turned finance into an “impossible timetable.” These developments include crowdfunding, digital currency and peer-to-peer technology.
Sian Jones, COINsult’s manager, standards and risk consultant, believes that the FCA initiative will provide the clear regulation needed for the development of the digital currency business and will make the UK digital currency development environment clearer.
However, Jones pointed out that when and whether the FCA plans to show their official attitude towards the digital currency, or whether Project Innovate has affected the government’s role in regulating the digital currency, these need to be observed.
UKDCA and UK attitude towards bitcoin regulation
Jones is also the nickname creator of the UK Digital Money Association (UKDCA). This association was established in March.
The association has consulted the UK Customs and Excise Department (HRMC) on Bitcoin-related issues, and they have also held a number of activities to raise public perceptions of Bitcoin and discuss regulatory issues. The UKDCA committee includes Adam Cleary, owner of Bullion Bitcoin, Tom Robinson, founder of Elliptic, and Simon Dixon , founder of BankToTheFuture.com .
The UK’s attitude towards digital currencies is unclear, who accepts bitcoin? but he has not stopped a number of bitcoin projects that have partnered with the UK.
Technical lawyer Eitan Jankelewitz has explained how the UK regulates digital currencies and what makes the UK so attractive to the Bitcoin business. However, he also concluded that the lack of regulation has led to more problems with the Bitcoin business than opportunities.
In the coming October, the British government launched a program to support the so-called Challenger Businesses, which have various business models and innovative products.
After participating in the FinTech community meeting, the Challenger Business team released the conclusions of the 壹 series, confirming the innovation trends mentioned by FCA’s Martin Wheatley.
These conclusions include peer-to-peer lending, crowdfunding, digital currency and new payment schemes, and anti-money laundering laws.