- The Treasury for Financial Regulation and Control regards operations with cryptocurrency as
operations for financing electronic money, as a result of which, a license for operation with
cryptocurrency in the UK was issued as an E-Money license. One of the first cryptocurrencies
operating in the territory of England, which obtained a E-Money license, were Wirex and
Coinbase. They received a reputational recognition of British state bodies and 23 countries of
the European Union. The license allows free issue of electronic money and provide payment
services in the UK.
- The Treasury insists on the fact that crypto-products are similar, but not identical to
securities. At the same time, the specialists of the institution claim that market participants
are personally liable in the absence of permission to carry out such activities.
The recent measures to combat terrorism and money laundering have led to the fact that licensing a
cryptocurrency exchange in the UK takes quite a long time. In case of Wirex, the procedure took 9
Financial analysts report that new rules for licensing cryptocurrency activities will appear in the
UK in the nearest future. This is largely confirmed by the opinions of Albion economists and
financiers regarding the need to create their own English cryptocurrency. In addition, recent events
in Malta have created a precedent for the attractiveness of exchanges functioning under state
control. The adoption of clear and understandable laws excluding a different interpretation allows
law-abiding crypto-currency exchanges to settle themselves in the relevant jurisdiction,
significantly strengthening the budget of the regulator.
Regulation of cryptocurrency exchanges is a tribute to the development of the financial sector in a
legal way. Concern of the largest players preferring fiat funds, a sharp increase in the
attractiveness of crypto-products, is forcing governments of different countries to set equal
regulatory frameworks in both directions.