The UK is Coming to The Forefront in The Crypto Arena

The Bit Journal Editor
By The Bit Journal Editor Add a Comment
4 Min Read

The UK is coming to the forefront in the crypto arena. Ironically, new research shows that the UK is leading the crypto scene in Europe. The study – conducted by the blockchain research company Chainalysis – shows that the land of teas, crumpets and top hats is the first in digital financial services across the continent.

In the crypto arena, the UK is king!

This is an unfortunate situation given that the UK is not the most crypto-friendly country. In fact, regulators have tried to disrupt the digital currency situation and sometimes warn against involvement, due to the speculation and volatility of many of these assets. To some extent, we can’t really blame them. In the past few months alone, for example, the crypto space has lost more than $2 trillion in value, while bitcoin – the world’s largest digital currency by market capitalization – has lost more than 70% of its value. and its market for around $ 19. K at the time of writing – a big drop from its all-time high of $ 68,000 last November. But it seems that people – ordinary citizens, at least – within the borders of the UK are enthusiastic about crypto and all that it can do, and they are finding a way – despite the many obstacles and obstacles in their way – to get their hands on bitcoin. Crypto arena.

This situation is reminiscent of what is happening in China. In the summer of 2021, Chinese regulators in Beijing criticized crypto miners, saying that the space was using too much power, so bitcoins and crypto units would be banned from then on. Things did not end there, however, the regulators eventually banned digital currency services completely, which means that even trading it will result in legal penalties. Despite this, China’s crypto arena mining remains at the top, behind the United States. Many miners have refused to leave their homes to continue their work in the ground, hoping that they will not be detected. They take risks, but they keep their country out of the growing digital mining industry.

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Commenting on the situation in the UK, Dion Seymour – technical director of crypto and digital assets at Andersen LLP – said: “I would like to think it’s because we’ve tried to provide certainty as far as crypto regulation and taxation in the UK. No one wants crypto to be taxed, but if there’s uncertainty about how it will be taxed, that can cause some level of consternation, too.”

Not good at Crypto

In the past, the UK has passed a ban on all crypto-based ATMs.

It’s also easy to blame celebrities like Kim Kardashian for pushing specific digital currencies on social media without warning consumers about the potential risks.

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