deVere CEO: UK could avoid Brexit recession with cryptocurrencies

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The chief executive of one of the world’s largest financial advisory organizations has said the United Kingdom is “uniquely placed” to benefit from the emerging blockchain and crypto sectors post-Brexit.

In an interview with Verdict, Nigel Green, CEO of deVere Group, said that the U.K. faced challenges, including the risk of recession as a result of uncertainty around its exit from the European Union.

However, with a U.K. free from the regulation of the European Union, Green said London was well positioned to benefit from a focus on the sector.

“London is—for the time being at least—the world’s largest and most important financial hub. But its dominance is fading as Brexit-Britain flounders in uncertainty,” the deVere CEO told the news outlet. “The growing cryptocurrency market has already provided tangible economic benefits to other major economies. Post-Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the U.K.’s financial services sector.”

Green said cryptocurrencies could become a lifeline for the financial services sector, should challenges persist for London outside of the EU.

“I believe cryptocurrencies could and should dramatically help change the fortunes of Britain’s beleaguered financial services industry,” Green said. “Once outside of the EU, the U.K. will not be beholden to the bloc’s notoriously slow and burdensome bureaucratic protocols. It could promptly establish its own rules and regulations and set-up an innovative, pro-business, well-regulated market.”

He noted, “This could position it alongside other crypto-friendly jurisdictions such as Japan and Switzerland—and ahead of many EU member states.”

On cryptocurrencies more generally, Green said they were “unquestionably the future of money.”

“Cryptocurrencies—which are digital, global and borderless—are unquestionably the future of money. This is noted by the growing amount of retail and institutional investment into the burgeoning sector,” Green said. “Whilst other jurisdictions focus on the current, the U.K. should set its sights on the future to be ahead of the game.”

With the U.K. already a leading destination for blockchain businesses, Green said this was a strength the U.K. should look to capitalize on further in the years to come, as it leaves the European Union.

“U.K. is already a thriving global fintech and blockchain hub. This should be capitalised on further,” according to the deVere executive.