The ex-chief of the London stock exchange, Xavier Rolet, is of the opinion that London can remain a financial strong house after the British exit from Europe (BREXIT) if only the crypto market is expertly incorporated into the nation’s economy.
Bloomberg reported in one of its publications that Rolet stated that embracing Special Purpose Acquisition Companies (SPACs) and cryptocurrency is one way that could aid the city in remaining a global business center.
According to Rolet, London could lose its status as a financial giant once Brexit is finalized. The only way for this to be averted would be if the British Government incorporates cryptocurrencies and SPACs into the nation’s economy. He also went on to add that if investors are permitted to run their businesses with digital assets, the country’s economy could thrive.
He said that doing this would cause London to remain an epicenter of a regulated market that is attractive and safe for investors all over the world.
Another financial expert who is a Professor in the University of Sterling, David McMillan recommended something similar, in hope that the nation’s economy would not be overtly affected after Brexit.
Crypto Regulation is the way Forward
Earlier this year, Britain’s financial authority, the Financial Conduct Authority (FCA) banned crypto derivatives in its attempt to better protect consumers. According to the financial regulator, the risks associated with investing in such assets were too high and there was a growing need to protect retail consumers.
However, the government looks like they are prepping up for an economy that embraces digital assets as Paypal has recently enabled its UK users’ access to its crypto services. This means that all that is needed is a regulatory framework to keep the digital market in check and help it grow.