Many countries around the world are competing to attract as many crypto companies are possible to their jurisdiction, and different countries are offering a series of different incentives. The UK is one such country that is aiming to become a global crypto hub, but the government’s efforts to establish the UK as a global crypto hub have been undermined by toughening banking restrictions.
HSBC and Natwest restrict transfers to cryptocurrency exchanges in the UK
In an effort to “protect their users”, banks are once more limiting what their clients are allowed to do with their own money.
These, and many other high street banks, have decided to limit the amount of cryptocurrency that one can buy to £1,000 per day, which has been met by outrage with those who wish to accumulate at a faster pace.
Moreover, it is indicative of exactly why the cryptocurrency industry is needed: without being forced to trust third parties, one can move as many of their funds as they please without trusting counterparties.
Rishi Sunak's year-old push to make the UK a crypto hub is being undermined by banks https://t.co/FBcEttz1nm
— Bloomberg Crypto (@crypto) April 2, 2023
What are other countries doing to entice crypto?
A series of other countries around the world are working to attract investment in the crypto sector in their own different ways, and some are more successful than others.
Jurisdictions such as the Bahamas have tried to entice companies by writing comprehensive legislation to incentivise people to come and start businesses in the sun.
However, as the failure of FTX demonstrated, the Bahamian approach did leave the door open to abuse, and has tarnished the reputation of the location with regard to crypto companies.
El Salvador, by contrast, has established extremely clear laws in which Bitcoin has been designated a commodity and everything else has been designated a security.
In addition to this, the president Bukele recently signed into law a new bill that removes all taxes on companies in that work in the tech industry in El Salvador – this is expected to attract a significant amount of tech talent from across the Americas over the coming years.
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This article was written for Business 2 Community by Jamie McNeill.
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