The surprise Brexit vote will cast uncertainty over the UK regulatory landscape for some time, which is expected to have a chilling effect on British FinTech generally and blockchain in particular.
Friendly...policies were rapidly turning London into a capital for blockchain innovation, that is until last week’s decision by the UK to leave the European Union left some wondering if this market position will be impacted. From establishing a safe zone for blockchain firms to passing a measure that exempted bitcoin from value-added tax, the nation had arguably helped pave the way for measures currently under consideration in the EU while putting pressure on regulators in the US to rethink their policies on FinTech innovation. If nothing else, the EU referendum, nicknamed the 'Brexit', has brought an air of uncertainty into an environment that had long been lauded by the technology's advocates as forward-thinking and permissive. Prior to last week's vote, many European companies had taken to incorporating in the UK to "avoid red tape in their home countries". .