Many fintech companies chose London because of its strong financial regulation, but how will Brexit affect the industry in Europe and the U.K.?
The British Exit, or Brexit, is a term established to refer to the United Kingdom’s decision to leave the European Union after a referendum was held on June 23, 2016. Brexit’s results greatly influenced global markets and the British pound, and prompted changes in the establishment and foreign policy of the UK. Brexit predictions were disproven when 51.9% of the UK’s population voting to leave, with a turnout of 72.2%. Brexit will have both long-term and short-term consequences related to the economy, immigration and higher education of the UK. The positive side of leaving the EU is that the UK has ridden itself of Brussel’s bureaucracy and has gathered more autonomy and opportunities to establish more efficient policies. From this perspective, Brexit is good for Bitcoin, making the UK’s cryptocurrency policies more flexible. On the contrary, the UK won’t be able to participate in EU decision-making as they did at their previous level, which is dangerous given that the EU is the largest destination for exports from the UK.
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