Saturday, Oct 1, 2022
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A silver lining for fintechs in the UK

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Brexit provides scope to create its own regulatory framework for fintechs cryptocurrency

There is a silver lining for fintechs in the UK despite all disruptions caused by the pandemic in 2020. It is reported that the UK’s exit from the European Union provides scope to create its own regulatory framework for fintechs cryptocurrency. This opportunity would not only spur fintech innovation in the country, but it could also reinvest itself as a hub for decentralised finance.

Currently, the UK is undergoing a government-backed fintech review that was launched in July 2020. The review will make recommendations on all possibilities to nurture the fintech ecosystem following Brexit. These recommendations will support fast growing companies in the country, including special visas for skilled workers and changes to listing rules, media reports said.

The review has assessed five key areas: skills, investment, national connectivity, policy and global attractiveness. It will also seek ways to link 10 clusters of fintech industries in the UK. According to a S&P Global report, “Now that we’ve avoided a no-deal Brexit, it sends a strong message to the rest of Europe that we want to do things our way and continue to lead the space as a leading financial and technology services hub. There’s already a huge amount of fintech innovation in the country, and I hope that this will allow us to continue to compete with the rest of the world in this area,” Pavel Matveev, CEO of Wirex said.

The fintech sector in the country is worth £7 billion annually to the economy. It employs around 60,000 people, according to government data

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