Blockchain CEO says the UK has fallen behind

The chief executive officer of Blockchain.com raised his voice against the government agencies of the UK to degrade the crypto Industry. 

Blockchain.com is a web crypto wallet. In the very beginning, this website entered the crypto industry as a bitcoin-only wallet but later it added many flagship assets like Ethereum, Bitcoin Cash, and Dot. This platform has its own NFTs Marketplace also, which is in the beta phase. 

Peter Smith, CEO of Blockchain.com, recently shared his thoughts and point of view on the negative effects on the crypto industry because of the rules and regulations by government agencies of the UK, in speaking with Telegraph. 

According to Peter, the Financial Conduct Authority (FCA) took the negative stance against the risks of Crypto on the top approach as a result of it industry faced negative growth that can be seen in the last two to three years of growth in crypto circulation in the UK. 

“I think the UK has fallen behind over the last two or three years. The FCA, of late, hasn’t been eager enough to foster innovation and to work with the industry.”

Peter noted that regulators of Ireland and Germany did much better work over UK regulators. According to him, such countries saw better growth and adoption of crypto innovation because of positive stances. 

Crypto Ground report in the UK 

According to reports, in the last year, the UK government imposed many restrictions on crypto investors and brokers, to avoid any type of risks like money laundering or illegal funding. 

At present around 100+ crypto companies are waiting to get regulatory approval in the UK, so that they can start their Innovative services among the crypto Industry of the UK. 

Under the existing rules and regulations, there is more than a 50% rejection rate for the regulatory crypto application to operate services in the UK. 

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