The Telegraph, May 6 2022, Barney Reynolds
Britain has a golden opportunity to become the world’s digital hub for financial services and products. This is no far-fetched fantasy but a vision that could become a Brexit reality if we adapt and reinvigorate our greatest asset: one of the best legal and regulatory frameworks in the world.
The context for this opportunity lies in the technology-driven revolution in financial services, in which the UK has always been a leading player.
Innovators from all over the world are reinventing the way in which financial markets operate, including through so-called decentralised finance, or “DeFi”, an approach that removes the control traditional financial institutions have over money, to expand access, improve settlement speed and efficiency, reduce cost and rethink old practices.
Technology has also changed the ways in which consumers and businesses exchange capital and spread financial risk. Entrepreneurs are creating new digital assets, including cryptocurrencies and non-fungible tokens, which may have no intrinsic value, except for that given to them by trades in the market itself.
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