XEROF Leads with Crypto Solutions Amid UK Regulation Gap

Breaking Barriers: XEROF Empowers UK Cryptoasset Investors with Much-Needed Services

XEROF, the trusted digital currency gateway based in Switzerland, is highlighting the pressing need for regulatory measures in the UK's digital currency industry and offers an alternative solution to UK cryptoasset investors and Web3 companies.

According to the All Party Parliamentary Group (APPG) report on Crypto and Digital Assets, the UK has 12–18 months to introduce new legislation before falling behind other jurisdictions and becoming uncompetitive.

The report coincides with a difficult time for the UK digital currency industry, marked by several banks restricting customer transactions with cryptoasset companies. In addition, trading platform OKX's decision to establish a European centre in Paris rather than London underscores the changing dynamics. Digital currency companies have expressed concern about regulatory challenges in the UK, which has led to different approaches to finding solutions.

UK Faces Mass Exodus of Cryptoasset Investors and Web3 Companies

With other jurisdictions already implementing advanced and robust regulatory frameworks, the UK risks losing investors to more accommodating markets. Switzerland has emerged as one of the top European countries for digital currency investors and companies, making it a popular alternative for those seeking a conducive regulatory environment. XEROF, a trusted cryptoasset gateway registered and licensed in Switzerland, provides a solution to Web3 companies and digital currency investors through its on/off-ramps.

Marc Taverner, COO of XEROF, emphasises the importance of cryptoasset regulation, stating,

"With the ongoing lack of clarity surrounding digital currency legislation in the UK, Switzerland remains an attractive alternative for cryptoasset investors and Web3 companies. Thanks to the nation's clear regulatory framework, we are seeing an uptick in investors from other jurisdictions seeking digital currency services here. Because XEROF is registered and licensed in Switzerland and connected to established and well-respected Swiss banks, it is in a strong position to provide an excellent service to the cryptoasset ecosystem during these uncertain times."

A crucial differentiating factor of the Swiss ecosystem is its approach to the custody of cryptoassets. The Swiss framework specifies that cryptoassets must be held "off-balance sheet," segregated, and managed as client funds, separate from operational funds of the cryptoasset service providers. This commitment to maintaining clear segregation provides an added layer of security and trust and is what XEROF delivers.

An Alternative Solution for Investors in the UK

As the cryptoasset industry evolves, the UK must swiftly establish comprehensive and favourable regulatory measures. Failure to do so may result in the erosion of the country's competitiveness. XEROF calls for immediate action to ensure that the UK remains a leader in the cryptoasset industry and creates an environment that fosters growth, innovation, and investor confidence. 

Meanwhile, XEROF is available to all digital currency investors and Web3 companies based in the UK who require assistance finding alternative solutions for their business or personal cryptoasset holdings. If you have any questions or want to learn more, you can contact the team to arrange a meeting.