Latest news with #YahooFinanceFutureFocus
Yahoo
2 days ago
- Business
- Yahoo
Why UK can leapfrog EU and US on crypto, according to Coinbase exec
More than two years after then-chancellor, and later UK prime minister, Rishi Sunak pledged to make the UK a "global crypto hub," the digital asset landscape has evolved rapidly. In an industry where two years can feel like a decade, has the UK managed to keep pace with global developments, or is it slipping behind? On the latest episode of Yahoo Finance Future Focus, Coinbase (COIN) UK's senior country director Keith Grose weighed in on the UK's crypto trajectory, and what the shift to a new Labour government could mean for the sector's future. 'Two years might be a long time in crypto,' Grose said, 'but that's not a long time in regulation world.' Despite the crypto industry's blistering pace, Grose said the UK is making meaningful progress. Just last week, the Financial Conduct Authority (FCA) released long-awaited draft rules on stablecoins, cryptoasset custody, and exchange operations, steps Grose sees as significant milestones toward making the UK crypto-friendly. 'The whole crypto regime is being put into force this year,' he explained. 'The FCA is really moving quickly to make this a friendly place for crypto. They're very growth-focused.' Read more: Crypto live prices This comes at a time when other major markets, particularly the US, are dramatically stepping up their crypto efforts. The US Congress is debating multiple bipartisan bills, including the Stablecoin Act and the FIT21 crypto framework, while president Donald Trump has floated the idea of a national digital asset reserve. Still, Grose believes the UK has a unique advantage. With the EU's MiCA regulation taking effect and the US experimenting with various policy directions, Britain has a "third-mover advantage." 'We get to look at what's happening in Europe and the US,' he said. 'If the FCA is smart about how they're regulating, we can leapfrog some of the challenges others are facing.' One of the most exciting developments, Grose said, is the UK's move to regulate stablecoins, which are increasingly seen as a foundational piece of future payment infrastructure. 'We haven't seen a pound-backed stablecoin at scale yet in the UK, but it's coming,' Grose said. 'And when it does, it's going to be very exciting.' According to Grose, both the FCA and the Bank of England are working on a regulatory framework to support stablecoins as legitimate payment rails, signalling a broader shift toward crypto being embedded into the mainstream financial system. This could also be a strategic response to developments across the Atlantic, where US states are beginning to adopt strategic reserves of bitcoin, and where the idea of a federal crypto strategy is now on the table. 'You have Trump releasing executive orders, Congress working on regulation, and both the SEC and CFTC taking action. That's the full force of government,' Grose said. 'I'd love to see something like that here in the UK.' With the Labour government now in power, there's hope that regulatory momentum will continue, or even accelerate. While Labour hasn't yet laid out a comprehensive crypto strategy, Grose is optimistic that the UK's institutional machinery is aligned for progress. The key, he suggested, will be ensuring that crypto is not siloed within just one regulatory body, but instead becomes a whole-of-government priority, as is increasingly the case in the US. 'I think there's a lot happening behind the scenes, at the policy level, industry level, to make Rishi's original vision a reality. We're not there yet, but we're well on the way.' Read more: 6 crypto developments in 2025 that will keep fuelling bitcoin's rally Grose revealed that Coinbase has ramped up its operations, receiving its VASP (Virtual Asset Service Provider) registration, a license that makes Coinbase the largest authorised crypto firm in the UK. 'We've brought all of our UK users back in-house,' Grose said. 'We're now servicing them directly from our UK entity and can run our own financial promotions.' And that means more visibility for Coinbase in the UK market. While Grose didn't give away all the details, he hinted that something big is coming in early July, and that Londoners should keep an eye out for Coinbase's next move. 'You'll see the Coinbase brand more,' he said. 'And you'll see a lot of new products coming out of the UK.' Read more: Why pension funds are buying bitcoin What we know about Elon Musk's controversial blockchain vision for US How AI could change the internetError while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Business
- Yahoo
UK finally catching up with 'Global Crypto Hub' pledge, says Coinbase
On this week's episode of Yahoo Finance Future Focus, our host Brian McGleenon speaks with Coinbase (COIN) UK senior country director Keith Grose to assess the UK's progress toward becoming a global crypto hub, a vision first outlined by former prime minister Rishi Sunak over two years ago. Grose says while crypto moves fast, regulation doesn't, but the UK is now making meaningful strides. He highlights the Financial Conduct Authority's (FCA) recent release of draft rules for stablecoins, custody, and broader crypto regulation, pointing to 2025 as a pivotal year for UK digital asset policy. He also discusses how the UK may benefit from a "third-mover advantage," learning from both US and EU approaches to regulation, and how Coinbase is ramping up its UK presence, with new products and increased visibility expected soon. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
UK finally catching up with 'Global Crypto Hub' pledge, says Coinbase
On this week's episode of Yahoo Finance Future Focus, our host Brian McGleenon speaks with Coinbase (COIN) UK senior country director Keith Grose to assess the UK's progress toward becoming a global crypto hub, a vision first outlined by former prime minister Rishi Sunak over two years ago. Grose says while crypto moves fast, regulation doesn't, but the UK is now making meaningful strides. He highlights the Financial Conduct Authority's (FCA) recent release of draft rules for stablecoins, custody, and broader crypto regulation, pointing to 2025 as a pivotal year for UK digital asset policy. He also discusses how the UK may benefit from a "third-mover advantage," learning from both US and EU approaches to regulation, and how Coinbase is ramping up its UK presence, with new products and increased visibility expected soon. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Why UK can leapfrog EU and US on crypto, according to Coinbase exec
More than two years after then-chancellor, and later UK prime minister, Rishi Sunak pledged to make the UK a "global crypto hub," the digital asset landscape has evolved rapidly. In an industry where two years can feel like a decade, has the UK managed to keep pace with global developments, or is it slipping behind? On the latest episode of Yahoo Finance Future Focus, Coinbase (COIN) UK's senior country director Keith Grose weighed in on the UK's crypto trajectory, and what the shift to a new Labour government could mean for the sector's future. 'Two years might be a long time in crypto,' Grose said, 'but that's not a long time in regulation world.' Despite the crypto industry's blistering pace, Grose said the UK is making meaningful progress. Just last week, the Financial Conduct Authority (FCA) released long-awaited draft rules on stablecoins, cryptoasset custody, and exchange operations, steps Grose sees as significant milestones toward making the UK crypto-friendly. 'The whole crypto regime is being put into force this year,' he explained. 'The FCA is really moving quickly to make this a friendly place for crypto. They're very growth-focused.' Read more: Crypto live prices This comes at a time when other major markets, particularly the US, are dramatically stepping up their crypto efforts. The US Congress is debating multiple bipartisan bills, including the Stablecoin Act and the FIT21 crypto framework, while president Donald Trump has floated the idea of a national digital asset reserve. Still, Grose believes the UK has a unique advantage. With the EU's MiCA regulation taking effect and the US experimenting with various policy directions, Britain has a "third-mover advantage." 'We get to look at what's happening in Europe and the US,' he said. 'If the FCA is smart about how they're regulating, we can leapfrog some of the challenges others are facing.' One of the most exciting developments, Grose said, is the UK's move to regulate stablecoins, which are increasingly seen as a foundational piece of future payment infrastructure. 'We haven't seen a pound-backed stablecoin at scale yet in the UK, but it's coming,' Grose said. 'And when it does, it's going to be very exciting.' According to Grose, both the FCA and the Bank of England are working on a regulatory framework to support stablecoins as legitimate payment rails, signalling a broader shift toward crypto being embedded into the mainstream financial system. This could also be a strategic response to developments across the Atlantic, where US states are beginning to adopt strategic reserves of bitcoin, and where the idea of a federal crypto strategy is now on the table. 'You have Trump releasing executive orders, Congress working on regulation, and both the SEC and CFTC taking action. That's the full force of government,' Grose said. 'I'd love to see something like that here in the UK.' With the Labour government now in power, there's hope that regulatory momentum will continue, or even accelerate. While Labour hasn't yet laid out a comprehensive crypto strategy, Grose is optimistic that the UK's institutional machinery is aligned for progress. The key, he suggested, will be ensuring that crypto is not siloed within just one regulatory body, but instead becomes a whole-of-government priority, as is increasingly the case in the US. 'I think there's a lot happening behind the scenes, at the policy level, industry level, to make Rishi's original vision a reality. We're not there yet, but we're well on the way.' Read more: 6 crypto developments in 2025 that will keep fuelling bitcoin's rally Grose revealed that Coinbase has ramped up its operations, receiving its VASP (Virtual Asset Service Provider) registration, a license that makes Coinbase the largest authorised crypto firm in the UK. 'We've brought all of our UK users back in-house,' Grose said. 'We're now servicing them directly from our UK entity and can run our own financial promotions.' And that means more visibility for Coinbase in the UK market. While Grose didn't give away all the details, he hinted that something big is coming in early July, and that Londoners should keep an eye out for Coinbase's next move. 'You'll see the Coinbase brand more,' he said. 'And you'll see a lot of new products coming out of the UK.' Read more: Why pension funds are buying bitcoin What we know about Elon Musk's controversial blockchain vision for US How AI could change the internet
Yahoo
11-04-2025
- Business
- Yahoo
Lifetime ISA is still best bet for first-time buyers, says Moneybox exec
For many aspiring homeowners in the UK, the journey towards getting a foot on the property ladder can feel like chasing a moving target. Soaring house prices and the ongoing cost of living crisis have made saving for a deposit harder than ever. But according to Moneybox head of personal finance Brian Byrnes, there's one underused savings product that could make all the difference — the Lifetime ISA. Speaking on Yahoo Finance Future Focus, Byrnes called the Lifetime ISA 'an absolutely fantastic product' for those trying to buy their first home, thanks to the government's 25% top-up incentive. 'You can put in up to £4,000 a year, and the government will top that up by 25%,' Byrnes said. 'That's £1,000 free from the government every year, on top of your savings.' Launched in 2017, the Lifetime ISA is a government-backed savings and investment account designed to help people either buy their first home or save for retirement. What sets it apart from traditional ISAs or savings accounts is that government bonus. But while it can be a game-changer for many, Byrnes is keen to stress it's not a one-size-fits-all solution. Read more: Why pension funds are buying bitcoin 'There are some restrictions,' he said. 'The maximum property price is capped at £450,000, and you must open one before your 40th birthday. There's also a penalty if you withdraw the money for anything other than buying your first home or for retirement.' With house prices in London and the South East routinely exceeding that cap, there are growing concerns the product is no longer fit for purpose in some areas of the UK. 'The cap was set in 2017, and house prices have risen about 30% since then,' Byrnes said. 'It hasn't kept pace with inflation, and while it currently affects about 1% of savers — mostly in London — it's becoming an issue in cities like Bristol and Manchester, where prices are catching up fast.' Moneybox has been actively lobbying for changes to the Lifetime ISA to keep it relevant for a new generation of savers. Byrnes recently gave oral evidence to the UK Treasury Select Committee as part of the government's inquiry into the product. 'We're asking for two things,' he said. 'First, update the £450,000 cap and have it reviewed annually in line with house price inflation. Second, reduce the 25% withdrawal penalty to 20%, so that people don't lose their own savings if they need to access the funds in an emergency.' Read more: How to buy your first home in a cost of living crisis That penalty may sound symmetrical — a 25% bonus and a 25% penalty — but in reality, the maths doesn't quite add up for savers. With the current rules, people end up losing 6.25% of their own money if they withdraw funds early. 'During the pandemic, the government temporarily reduced the penalty to 20%, and we didn't see a spike in withdrawals,' Byrnes noted. 'So we know it's possible to make the product fairer while still encouraging long-term saving.' While much of the focus has been on helping first-time buyers, Byrnes was also keen to highlight the Lifetime ISA's (LISA) potential as a tax-efficient retirement savings tool — especially for self-employed workers or people who don't benefit from auto-enrolment pensions. 'There are two types: a cash LISA and a stocks and shares LISA,' he said. 'The cash version is great for those saving for a deposit in five to ten years. But for those using it for retirement, the stocks and shares Lifetime ISA is a powerful tool. It compares very well with pensions for many people, especially basic-rate or nil-rate taxpayers.' Read more: How to achieve financial stability in retirement He added that the flexibility of investment options with a Lifetime ISA is a big plus. 'You can invest in equities, gold ETFs, and a wide range of assets depending on your provider,' Byrnes said. 'You can't access the funds until you're 60 if you're using it for retirement — but that long time horizon actually makes it a great vehicle for long-term investing.' When considering a Lifetime ISA, savers should be aware of the eligibility criteria, potential penalties, and the product's limitations, especially when it comes to property price caps in high-cost regions. Still, Byrnes remains enthusiastic about its potential. "For the vast majority of first-time buyers, it's a no-brainer,' he said. 'And for those looking to boost their retirement savings — especially the self-employed — it's an excellent addition to your financial toolkit." Read more: What's driving the surge in UK private health insurance? How AI could change the internet The impact of freedom and choice pension reforms 10 years onSign in to access your portfolio
