Philip Hammond warns of ‘real risk’ to London financial services from EU crypto bill

On this week’s episode of Yahoo Finance’s The Crypto Mile, our host Brian McGleenon speaks to former UK Chancellor of the Exchequer Philip Hammond, who warned that if the EU sets the right regulatory balance between freedom and restriction, then the bloc could eclipse London as a centre of trade for digitised financial markets.Hammond warned the EU’s forthcoming crypto regulation bill could create such an attractive trading environment for the web3 sector that Brussels could eclipse London “in terms of financial services innovation”.The European Union’s member states are soon to vote on the final wording of the imminent Markets in Crypto Assets (MiCA) bill, which will make the bloc the first major global jurisdiction to install a comprehensive regulatory framework for the disruptive sector.The final text of MiCA is set to be voted on by the European Parliament this month, potentially entering into force in July.The law is expected to provide credibility to the crypto sector, with licensed crypto-asset service providers (CASPs) required to offer investor protections under MiCA across the entire European Union. Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.