As a country with one of the highest number of active cryptocurrency exchanges, the UK can be said to have caught the crypto fever from the earliest days. This has only marked the need for regulating the industry in line with various global experiences so as to avoid having the UK become a crypto Wild West.
While a relatively large number of crypto exchanges in the UK may have earned it the nickname of the Kingdom of Exchanges, the country itself actually accounts for just 1% of global trading volumes
, as reported by the news outlets. Still, the financial watchdogs in that country are on the lookout for regulating this industry, citing the desire to counter the market’s volatility. In that regard, 2019 seems poised to become a key year for the crypto regulation in the UK
, with the institutions such as the Bank of England, Her Majesty's (HM) Treasury and the Financial Conduct Authority (FCA) keen on regulating segments such as taxes, derivatives, crypto assets, operation of exchanges and other areas.