The growing virtues in the financial stock of digital currencies are making it an incredibly competitive space for many countries. The countries are looking forward to making a huge turn over in the financial structure of their countries by slowly replacing the minor fragments of it powered by the Blockchain technology.
The UK is moving forward!
When it comes to making a dominating stance in the world forum, the United Kingdom definitely participates with such eagerness with a lot of plans ahead for the country in terms of finances.
The BREXIT being the first and the most major move for the country it is drastically looking forward to strengthening ties at the loose ends. The UK after announcing to the world about their exit from the European Nation, the next major move for the UK is to develop its financial background. It is no wonder that the UK is vouching for the Blockchain technology to back up its status.
There are a lot of improvements from the UK government after their exit from the European Nations especially in terms of development in the blockchain space. The UK Financial Conduct Authority recently released a document that contains the revised taxes that need to be paid by cryptocurrency-based companies to run in business in the UK.
The fees are considerably less and are definitely looking like a welcoming move to make sure more companies are encouraged to take up the blockchain technology as a part of their financial operations.
The price range that the companies are given to work with is extremely feasible and is easy on the financial pressure as well. Companies generating revenue of less than £250,000 have to pay around £2,000 whereas companies generating review more than the threshold have to pay around £10,000.
A better place for crypto-companies!
The UK will definitely be a safe-haven for many of the crypto companies after the economic situations for the companies coming under the European Union is at high alert. The rules have been strengthened after the EU announced rules that would make the companies run under heavy jurisdiction of laws.
The UK confirming its detachment from the European NAtions means that the Country is now financially independent to make choices as well as free from the strict rules imposed by the EU in terms of the Blockchain company’s operation.
With that on the Horizon, UK will soon house many potential Blockchain companies that will look for establishing a business there.