A new businesses and analysts backed UK report calls the new government plans to regulate cryptocurrencies a “blunt instrument approach”. The repport contains heavy plans to regulate crypto which could have a major impact in the future of crypto.
For this reason, a new report has been launched. The report was created by British Business Federation Authority (BBFA), venture capital fund Novum Insights and even the cryptocurrency exchange TodaQ. The companies have urged caution about overly far-reaching regulation.
The report also says that “bad regulation is worse than no regulation at all.” The reporters also say that the regulation could become an example for other countries which could have a major effect on the future of crypto.
“The use of this technology is still a voyage of discovery and these technologies are being refined for different types of use. My concern is the law of unintended consequences.”
It is an unsuspected twist in the crypto community considering not so long ago the UK intended to become a crypto and blockchain world leader in 2022. For this reason, they have already invested 500 million pounds into British blockchain based companies spread over 2017 and 2018.
The UK has come a long way considering thay hold some of the biggest crypto exchanges and trading platforms today like Bitstamp and eToro. Still whatever the final decision is going to be the effect will have a huge impact on the current and future state of cryptocurrency.