Financial behavior is intensifying as the number of crypto company registrations in the UK significantly decreases. The decline indicates a decrease in both local interest and the global crypto market.
Crypto Company Registrations in the UK
Over the past three years, the percentage of crypto company registrations in the UK has fallen by 51%. This information was obtained by the law firm Reed Smith through a Freedom of Information (FOI) request. Q1 2024 saw only seven applications, indicating a continued decline in interest. The average registration approval time is 459 days, which hinders the development of the cryptocurrency sector in the country.
Other Market News
Despite the decline in registrations in the UK, global cryptocurrency adoption is rapidly increasing. BlackRock successfully launched its Ethereum spot ETF in Brazil under the ticker ETHA39, which will be traded on the B3 exchange. BlockDAG announced a three-year $10 million partnership with the football club Borussia Dortmund. In the U.S., the total intraday net inflow into Bitcoin ETFs reached $127.5 million.
Anticipated Changes in the Crypto Ecosystem
Russia is set to trial a cryptocurrency exchange starting September 2024, using the National Payment Card System (NPCS) to convert rubles to cryptocurrencies. Russia's proactive approach is driven by an increase in international trade reliance on the U.S. dollar. The number of crypto users in Russia is projected to reach 37.94 million by 2028.
The cryptocurrency market continues to demonstrate both local and global trends, influencing its development and adoption. Different countries exhibit varying levels of interest and support for crypto initiatives.
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