The United Kingdom’s relations with cryptocurrencies are quite complex. Since crypto is a decentralized entity, the government has many doubts about streamlining digital money. Still, Great Britain is one of the leading destinations for crypto-based companies and projects with many exchanges like Coinbase and Gemini having offices in the country. People are provided with some easy ways to invest in cryptocurrencies, since they are much more enthusiastic about it than the government. Moreover, Michelmores LLP, a London-based law firm found in a survey that about 20% of UK's affluent millennials have invested in Bitcoin and other cryptocurrencies. This was at a time when the country’s Financial Conduct Authority (FCA) suggested a crypto ban - the entire crypto ecosystem had caught its attention. Nevertheless, seeing the enthusiasm of people towards cryptocurrency, it is believed that the United Kingdom will remain a crypto-friendly place, making the purchase of digital assets quite easy and quick.
A brief history of crypto in the UK
The country was proactively supporting the crypto industry when it first stepped foot in the UK. The United Kingdom was showing all the signs of becoming an international hub for the cryptocurrency industry. The British Prime Minister’s Office in 2015 made an effort to promote the crypto market overseas, especially the Bitcoin industry. However, things have been changing over the last few years. For starters, the government is not really keen towards Bitcoin anymore, although it still supports blockchain technology. Moreover, banks and financial institutions are not listing Bitcoin startups in the UK. As a result, there is a drastic drop in the progress of cryptocurrencies in the country, driving crypto entrepreneurs and startups out of its banking system. A Bitcoin brokerage named Cryptopay stopped supporting British Pound withdrawals and deposits due to the new bank policies. Because of that, users are now limited to using SEPA (Single Euro Payments Area) at Cryptopay. 
In the last couple of years, Bitcoin exchanges, along with other crypto brokerages in the UK, have suffered a lot considering the fact that the banks have started to withdraw their support for cryptocurrencies. For example, Britcoin, which was rebranded as , faced issues with bank transfers, before it eventually closed down. Moreover, Bit121, another promising crypto exchange, had a decent start in the UK. But in 2014, the exchange was closed as the banks withdrew their support. With the government being strict with the industry, the popularity of cryptocurrencies has only increased in the United Kingdom. More and more people are drawn towards this next-gen digital asset in the hopes that it will one day become an integral part of the payments system.
