The crypto industry and regulators have a bittersweet affair across the globe, a tussle that seems to be going nowhere yet. However, things have been moving either way in many regions, including the United Kingdom. Recently, HM Revenue and Customs (HMRC) department sent letters to a few crypto exchanges, seeking access to trading records of UK customers hosted by them respectively.
While the move may have raised a few eyebrows, especially of the advocates of privacy in crypto, deVere CEO Nigel Green has lauded it. Green thinks that the move indicates that authorities might soon ease the restrictions of crypto trade, and even legalize it completely. Commenting on the recent developments, Green said,
This move by the UK’s tax authority cannot be viewed as anything other than another clear sign that cryptocurrencies like Bitcoin, Ethereum and XRP are not only part of mainstream finance, but also the future of money. There is a continual and increasingly rapid slew of indicators that digital currencies are gaining traction in our increasingly digitalised world – much to the chagrin of financial traditionalists like Warren Buffett and Donald Trump.
Authorities around the world have come into action significantly after US President Donald Trump criticized crypto and Bitcoin in a tweet posted last month. Since then, the regulators in the US, the UK, China, India, etc., have started to bring strict regulations on virtual currency. Green feels that the industry has benefitted extremely by the entrance of giants like Facebook in the crypto space, and mentioned that other companies would follow FB’s footsteps.
He further added that the growing focus of the HMRC on the crypto space is an indication of what the future beholds. Green also argued that sooner or later, authorities in will have to accept crypto and legalize it, because if they don’t, crypto-friendly countries, including Japan, Switzerland, Malta, etc., will have an edge in the future. Moreover, the announcement by the Chinese central bank about launching its own cryptocurrency is particularly a wake-up call for hostile countries like the US, UK, and India.