The decision by Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, to scale back its operations in the United Kingdom is being viewed as a significant setback for the government’s ambitions to transform the country into a global hub for digital assets. Prime Minister Rishi Sunak had previously championed a vision of the UK as a premier destination for crypto innovation, but the departure of such a high-profile player highlights the growing tension between the Financial Conduct Authority’s (FCA) rigorous regulatory standards and the industry’s operational requirements. Analysts suggest that the stringent marketing rules and registration hurdles imposed by the FCA are creating an environment that some international firms find increasingly difficult to navigate. This exit serves as a warning to policymakers that while consumer protection remains a priority, the perceived lack of regulatory flexibility may drive investment and talent to rival jurisdictions such as the European Union or the United Arab Emirates, potentially undermining the UK’s competitive edge in the fintech sector.
Source: Gemini exit a ‘blow for policymakers’ with UK crypto hub ambitions
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