Brexit deal got EU approval; What’s up with Blockchain?

Brexit deal got EU approval; What’s up with Blockchain?

It does not matter what Nigel Farage, one of the fathers of the Brexit movement, said this week that the United Kingdom and the European Union divorce agreement was the worst deal in history, the European Commission approved it this weekend, and the UK Parliament will back it before Christmas.

However, what’s going on in the blockchain and crypto industry in a post-Brexit era?

As we all well know it, London has been a financial hub for decades. All economic cycles, financial trends and new technologies passed across the city’s institutions from the beginning of the industrial revolution until today. So, what will happen now with the blockchain revolution after the Brexit deal?

Brexit blockchain effect: Coinbase goes to Ireland

Well, the first movement was done by California-based cryptocurrency exchange Coinbase in October as the company announced a new office in Dublin to work with London in the European Union market.

Actually, Coinbase had offices in London, but the UK decision to leave the European Union raised concerns about the operability of London offices in European circuits. The mention about “cities across the EU” in their announcement made it clear.

“We explored a variety of cities across the EU, and Dublin was the clear choice.”

According to the press release, as Coinbase scales, “we need to attract the best, most qualified and passionate talent to help us achieve our mission of creating an open financial system for the world.”

Blockchain believers ask for central banks solutions

Blockchain and cryptocurrencies are getting new adepts every week. Earlier this year, UK Chancellor of the Exchequer Phillip Hammond said that blockchain might solve Brexit’s UK-Irish border issue.

A topic raised this week after the Brexit deal.

“There is technology becoming available […] I don’t claim to be an expert on it but the most obvious technology is blockchain,” Hammond said in a Conservative Party Conference.

More recently, IMF chief Christine Lagarde raise a voice for Central Bank to build their digital currencies as a way to stay in the loop and to take profit of this disruptive technology.

In a conference called “Winds of Change: The Case for New Digital Currency,” Managing Director of the International Monetary Fund Christine Lagarde stated that central banks all over in the world should consider issuing digital currencies to make transactions more efficient and less risky.

Lagarde did not relate the issue to a Brexit matter, but the Bank of England is one of the most important central banks in the world. The bank has also supported blockchain solutions as they have a blockchain technology accelerator focused on fintech companies.

It wouldn’t be the first time the United Kingdom and European countries work with a virtual currency as they used to do with the ECU, as an internal accounting unit created in 1979, and with the Euro, when it was launched in a non-physical form back in the years, and as a replacement of the ECU in 1999.

A new regulation for blockchain and cryptocurrency firms?

As London and the United Kingdom are a financial hub, most companies are regulated under the UK’s Financial Conduct Authority and authorised to operate in the European Union under the MiFID II. So, what will happen now?

That would be one of the reasons Coinbase move to Ireland, but what about other blockchain startups. The post-Brexit era will start on March 2019 when, in theory, EU financial rules will not affect UK internal operations, so they will be able to create their own financial framework.

It opens new possibilities, but will it happen? Two good examples are the Blockchain and Bitcoin environments in Malta, the so-called Blockchain island, and Gibraltar, where official managed to provide a pro-blockchain framework for startups and entrepreneurs.

Recently Similar News

casinoin-promotion etoro-promotion

Latest Guides

Latest News

KuCoin,Margin Trading,Promotion,Smart Contracts

1 Million USDT Rewards Up For Grabs at KuCoin

KuCoin are set to launch USDT Perpetual Contracts on their KuMEX product and to celebrate they are offering big rewards to their users. 1 Million USDT will become available in total in two giveaway activities that will begin on 00:00 on April 6, 2020, and will run until 23:59:59 on April 12, 2020 (UTC+8). The […]

6 April, 2020

XTB Alerts Traders of Trading Time Changes

There have been some important time changes in Mexico, Chile and Australia will affect when the market is open for trading. The trading time changes have come as a result of the daylight saving hours that have been implemented in the three aforementioned countries. While European nations made the changes last week, these countries made […]

6 April, 2020
Exchange Platforms,Margin Trading

Poloniex Margin Trading is Expanding

Poloniex have been busy this week promoting their new margin trading service on their Twitter page. Margin trading became the must-have feature on exchange platforms last year, with many different platforms adding the feature – one of which was Poloniex. This week saw a lot more additions their version of margin trading and they have […]

5 April, 2020
CFD Trading Platform,eToro,Investment,Social Media

eToro Have Launch New Podcast: “Economize Me”

eToro have begun a new podcast called “Economise Me” which aims to help traders with their financial literacy. The multi-faceted trading platform announced the new podcast on their Twitter account on Friday and so far, the show had produced three normal episodes and one coronavirus special. Each video will feature world-leading industry experts who will […]

5 April, 2020
Assets,Cryptocurrency,Exchange Platforms,EXMO

EXMO Complete Second Native Token Burn

EXMO have completed the second-ever burn of their native token, EXMO Coin (EXM). EXM first launched back in July 2019 over a staggered release which saw the platform conduct 3 IEO rounds before the coin officially hit the market. Although the token is way down the list on Coinmarketcap, it does have special privileges for […]

4 April, 2020
AvaTrade,CFD Trading Platform,Investment,Trading

CFD Platorms Cite Oil As This Weekend’s Important Asset

Two CFD trading platforms have drawn attention to the value of oil and explained why it should be on the savvy traders shopping list this weekend. Both AvaTrade and have shared similar sentiments about the need to get involved with oil as the price is currently its lowest in 20 years. Oil’s price has […]

4 April, 2020
Binance,Exchange Platforms,Promotion

Win $1,000,000 at Binance Futures

Binance Futures has launched a new trading tournament where a prize pool of up to $1,000,000 worth of BNB tokens is up for grabs. This will be the second tournament that the platform has launched for their expanding project following a similar event taking place in January. This one is set to launch next week […]

3 April, 2020
Crypto Wallets,Promotion,Trezor

Last Day To Save 15% on Trezor Wallets

Trezor’s STAYSAFE Promotion is set to end within the next 24 hours.   If you have missed both of our two news post so far about the on-going promotion at Trezor where traders can save 15% when buying either one of their top quality hardware wallets – the Trezor One or the Trezor Model T -then […]

3 April, 2020