The UK is home to many prestigious institutions. As a nation, we have played a huge role in the development of computing technology, from the creation of computers such as Turing’s machine and the invention of Artificial Intelligence, to the creation of the internet itself.
We know that regulators in the UK are wanting to at the very least, apply some boundaries on the blockchain revolution in the UK and thus have established think tanks that will go on to develop new legislation regarding the new technologies that we see in the crypto-sphere today.
As a nation at the forefront of technological revolution however, we should really be the hub of what is the blockchain revolution and moreover, we should be seen as a centre of excellence for blockchain technology, especially for those who wish to start their own cryptocurrency or blockchain company.
Will Orde, an investor at Oxford Capital has published an article on UKTechNews in which he discusses why he believes, in the UK, we need to start focusing on crypto-entrepreneurs specifically.
On the topic of regulation, Orde says:
“Personally, I believe that proportionate regulation will be a good thing, as it would help enable traditional financial services to engage confidently with crypto. However, regulation is only part of the solution.”
Orde continues by discussing how actually, entrepreneurship is the future of blockchain technology and that the UK needs to embrace it:
“The more exciting side of the crypto space isn’t the well-established currencies like bitcoin, but the startup arena, where entrepreneurs are using blockchain and ledger technologies to tackle real world problems and drive innovation. [In the UK] All the right ingredients are here: great technical talent, plenty of open-minded companies ready to be early adopters, and investors willing to fund it.”
According to Orde, currently the UK ranks 3rd globally for the number of ICO’s that have taken place, so really, we’re probably not far off being the world’s hotspot for crypto-entrepreneurship but I guess both Orde and myself are arguing that the society around us needs to start noticing and nurturing the industry a little bit more, if indeed we are to go to the top and become the worlds central hub for blockchain start-ups.
The right sort of regulation, can help to foster this and will help the industry flourish, however, the wrong regulation will have a devastating impact on the creativity of the industry in the UK. As Orde states:
“One thing for sure is that regulation is coming. Proportionate, light-touch regulation would give traditional providers the comfort they need to engage, without stifling the innovation.”
Let’s hope he is right, in order to be the nation spearheading the cryptocurrency movement we need to know our boundaries, once these are set, the UK should aim to take over the rest of the world to become the crypto-number one. The fostering of start-ups and support for the industry is what we need in order to achieve this.