London – The Most Friendly City For Cryptocurrency

There is no any secret that cryptocurrencies, particularly  Bitcoin, did not meet with the most friendly greetings over the past few months. Yet, despite the disputes around Bitcoin, the cryptocurrency and its alternatives in some places are doing better than ever before. London is just one of that places. If you want to invest and buy ETC, or you have Bitcoins ready to spend, London is one of the top five cities in the world for that process. So there is a question WHY.  Here we explore what makes London such a crypto-friendly city.

Companies hosting Bitcoin.

Being the head of the cryptocurrency trend Bitcoin became most widely accepted when it comes to the form of payment. Only in London there are about 93 companies that accept Bitcoin as a way of payment in their stores, and some even offer other cryptocurrencies. These enterprises include CeX (the marketplace for games, DVDs, CDs, Electricals and much more), Overhang (a rock climbing facility), the choice of pubs and restaurants and even the London Speech Therapy.  So there really are a number of places that accept cryptocurrencies as a method of paymemt.

Of course, there are thousands of businesses in London, and this is only a small part, but only Los Angeles, Buenos Aires, New York and San Francisco (the home of Silicon Valley) have more host enterprises than the British capital.

What is the position of the FCA?

At present, FCA does not have any established regulation regarding the investment or use of Bitcoin or any other cryptocurrency. However, although there is no instructions and regulations that financial services are required to follow, in late 2017 they published consumer warnings about the ICOs and instability of other cryptocurrencies, saying they should be ready to “lose all their money.”

Yet, in spite of this warning, back in 2014,  they started up Project Innovate. This initiative was developed to stimulate the financial sector to acquire further innovative technologies, and this suggests the Blockchain –  the world’s leading software platform for digital assets.

The question of whether regulation will enter into force in the future remains to be seen, but in its present form it does not exist, and Londoners can freely trade, invest and use their cryptocurrencies.