UK Looks Isolated in Anti-Crypto Stand – Impact on Bitcoin Price

UK Crypto progress continues to disappoint as investors look towards ETF approvals in the US, Australia, Europe, and Hong Kong.

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Despite the government’s commitment to improve conditions for blockchain companies, the UK is becoming increasingly isolated in its anti-crypto stance. The country remains one of the few global markets that have held back access to cryptocurrency exchange traded products. 

The UK has continued to hold back retail investors from buying cryptocurrencies listed in other locations. Even though Prime Minister Rishi Sunak has expressed the desire to develop the country into a crypto hub, the regulatory framework in the country has continued to lag behind. 

This is in stark contrast to the developments observed in other leading economies. The US recently made a significant push by approving nine spot bitcoin ETFs. Additionally, Hong Kong has also expedited the process to approve ETFs. Data from Bitcoin.com confirmed that these 9 New ETFs have captured over 177,000 Bitcoin off the market since launch. 

Leading Cryptocurrency Exchange Binance Struggling With UK 

Regulation 

According to reports by Bloomberg, cryptocurrency exchange Binance is facing regulatory challenges in re-entering the UK market. These issues are resulting from guidelines imposed by the UK Financial Conduct Authority (FCA). Last year, the regulatory body made significant changes to rules governing crypto promotions. 

Impact on Bitcoin Price?

Despite the latest setback for UK retail investors, Bitcoin has continued to show strength. An examination of Bitcoin on the daily timeframe showed a stable trend with no significant volatility. As of this writing, Bitcoin was trading with a 0.07% increase, reaching $42,619.

Other leading cryptocurrencies also showed a resilient trending, with Ethereum showing strength around $2,300. 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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