Former Chancellor of the Exchequer in the United Kingdom, Lord Philip Hammond, has joined cryptocurrency custodial group Copper as a senior advisor with the ambition of “promoting the UK as a global leader in digital asset technology.” The London start-up firm, which provides custodial and infrastructure services in the digital asset sector, reportedly facilitates over $50 billion in transaction value per month for in excess of 400 institutional clients. During his administration as chancellor between 2016 and 2019, Hammond was commended for expanding the nation's financial technology sector as well as fostering a capitalistic environment for start-up businesses. Speaking on …

It has been four months since the Brexit trade deal came into effect between the United Kingdom and the European Union. The deal, in common with other free trade agreements, does very little to support the export of financial services from the U.K. into the single market. As a result, spring has seen financial services firms, including those in financial technology adjusting to different trading relations with the EU, while also managing the ongoing COVID-19 restrictions. Most notably, U.K. financial services have lost their automatic rights to service EU clients from their U.K. base, using the so-called passporting rights that …

A financial think tank has suggested that Britain should adopt a digital pound in an effort to strengthen London’s status as a global trade center in the wake of Brexit. Previously the gravitational center-point of Europe’s financial sector, London saw much of its influence lost at the end of 2020 when Britain’s exit from the European Union was finalized. The United Kingdom’s Finance Ministry will now take proposals on how to make the City of London more attractive to global traders and pull activity back from Amsterdam, which emerged as the new EU trading hub post-Brexit. Euro-skeptic politicians and London …

Bitcoin (BTC) starts another week aiming for $19,500 and beyond as crunch time for Brexit meets mass U.S. money printing. Cointelegraph takes a look at the price factors at stake for Bitcoin this week as shaky $19,000 support remains in play. $7 trillion money printing? The more controversial elements of U.S. President-elect Joe Biden’s future tenure are already becoming clearer — and it’s good news for Bitcoin. As his inauguration edges closer, Biden has already said that he plans a $7 trillion recovery package to tackle the impact of coronavirus. This would add a huge new chunk of debt to …

Bitstamp, one of the world’s oldest and largest cryptocurrency exchanges, is relocating its European clients from the United Kingdom. Bitstamp is now migrating the accounts of its customers in the U.K. to Bitstamp Europe SA, a business entity based in Luxembourg. An executive at the exchange confirmed the news to Cointelegraph on Aug. 25. Vasja Zupan, COO of Bitstamp, told Cointelegraph that Bitstamp is migrating European clients from its Bitstamp Ltd. entity to the Luxembourg-based entity. According to the executive, Bitstamp has been planning to migrate the clients for months. Zupan highlighted that the account migration “does not involve any …

The first round of negotiations between the United Kingdom and the European Union to determine their future, post-Brexit relationship took place between March 2 and March 5 in Brussels, Belgium. The outcome of these negotiations will shape the way the two work together following the end of the transition period, currently scheduled to extend through Dec. 31. For the financial technology sector, the discussions surrounding the future U.K.–EU regulatory relationship as it relates to financial services will be particularly important to watch, as the outcome will determine how fintech services are bought and sold between the two. The negotiations also …

The United Kingdom’s Department for International Trade recently published its agenda for negotiation of a Free Trade Agreement (FTA) with the United States. Contained within the wide-reaching document, blockchain is identified as one area in which businesses and the country will benefit from an FTA. The document sets out the U.K. government’s position coming into the negotiation of a post-Brexit FTA with the U.S. It lays out the country’s key objectives for such an agreement and ring-fences certain institutions and protections as non-negotiable. These include Britain’s National Health Service and drug prices, consumer and worker rights and protections, and environmental …

Besides China’s ongoing struggle with the coronavirus, one of the defining narratives for the world’s largest country entering the new decade was its central bank-issued digital currency. Reportedly in its final phase of testing and ready for rollout in 2020, the Chinese CBDC has sparked speculation and intrigue from governments around the world. Just recently, a Federal Reserve governor detailed how the United States central bank is exploring digital currencies following reports of interest over the last several months. The Bank for International Settlements and several European banks have also touched on the subject, revealing a warming disposition to a …

The United Kingdom’s major financial regulator, the Financial Conduct Authority (FCA), is looking to hire a specialist with a cryptocurrency background. Specifically, the FCA is seeking an intelligence associate with crypto expertise to address digital assets under the European Union's 5th Anti-Money Laundering Directive, the regulator said in a LinkedIn job posting on Feb. 6. Also known as 5AMLD, the new law came into effect on Jan. 10 and represents a major effort to tackle money laundering and terrorism financing across Europe, as previously reported. Expert will join the FCA’s core function team While the United Kingdom finally exited the …

As the United Kingdom exits the European Union, a new ad campaign by French crypto hardware wallet firm Ledger is reviving one of the most divisive pro-Brexit slogans, “Take Back Control,” to ambiguous effect. An email shared with Cointelegraph on Jan. 30 revealed Ledger’s mock-up of a planned billboard for an installation in London’s Canary Wharf, one of the capital’s prime financial districts. Ledger’s plans for a digital billboard in London’s Canary Wharf. Shared with Cointelegraph via email The billboard reads ”Let’s Take Back Control For Real” — a modified version of the 2016 pro-Brexit campaign’s notorious “Take Back Control” …

Scammers asked British citizens for nearly $2.5 million in Bitcoin (BTC), claiming that the funds will be spent to maintain the local economy after Brexit. Physical letters vs emails Fraudsters apparently sent out physical letters to the British, posing as a private secretary of Queen Elizabeth II, according to one of the alleged copies revealed by an exec of a local tech firm. Paul Ridden, CEO at United Kingdom-based IT firm Smarttask, posted a picture of the letter on Sept. 24 on LinkedIn, chuckling about the apparently failed phishing scam and asking if anyone else have received something similar to …

Back in 2016, there was a referendum that caused Brexit, which has since been affecting all spheres of British life. Would Brexit’s effects be positive or negative for the fintech industry in the United Kingdom? We asked experts from the London Fintech Week, the U.K. in a Changing Europe, the University of Nottingham and more. Meanwhile — and this should be underlined — a lot of experts declined to give comments on such a politically sensitive topic. While the U.K.’s government was trying to deal with Brexit, with numerous negotiations taking place during 2018, the European Union has made a …