Quoted from hansard.parliament.uk
I welcome the Minister’s statement. Firms setting up to deliver blockchain-based financial services in the UK complain that getting a licence here takes far too long because the Financial Conduct Authority does not have the capacity to process the applications. A number of very successful firms have been forced to leave the UK altogether as a result. What plans does the Minister have, as part of this work, to tackle that particular problem?
Commentary on Stance
This statement reflects a pro-crypto and pro-innovation stance, showing support for blockchain-based financial services in the UK. However, it also highlights frustration with regulatory delays, particularly the Financial Conduct Authority’s (FCA) slow licensing process, which is seen as a barrier driving firms out of the country.