As the United Kingdom finalizes terms for its long-awaited departure from the European Union (EU), Nigel Green, CEO of giant financial advisory firm, deVere Group has offered guidance on how the region can avoid an almost certain recession.
Green, whose firm has over $10 billion worth of assets under its advisory, revealed these thoughts while speaking in an interview with the fintech news agency, Verdict.
He predicted that the post-Brexit U.K would face a recession because of its financial services sector losing investment and offered insight regarding how the impending problem could be solved.
According to Green, the U.K can boost its financial services industry after Brexit by embracing the rapidly growing cryptocurrency market and providing regulatory friendly rules for participants.
He noted that this approach had brought significant economic benefits for regions such as Japan and Switzerland, and the post-Brexit U.K should not be an exception. In his exact words, Green told Verdict,
“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 UK’s financial services sector.”
Green no doubt was talking in line with the fact that after leaving the EU, the United Kingdom could decide to create separate friendly regulation for crypto industry participants and attract them to set up within their jurisdiction.
He also had sufficient praise for cryptocurrencies in general, labeling it as the future of money and advising the U.K to “set its sights on the future to be ahead of the game.”
Meanwhile, following Nigel Green’s advice, no doubt would have to mean that the U.K will among other things reconsider its proposed ban against the sale of crypto derivatives to retail investors.