Crypto Wallet: UK Investors Will Need One
Do you need a crypto wallet? UK cryptocurrency investors will, it appears from recent government statements. The UK recently made a chest-thumping statement that the country is throwing its full support behind the cryptocurrency movement, hoping to become an epicenter of sorts for the market.
On April 4, UK Economic Secretary of the Treasury John Glen made a speech that included the country’s vision for becoming a global hub for cryptocurrency technology at the Innovate Finance Global Summit. Glen was referring to a package of moves that the UK had in the works to bolster the strength of its financial services market by positioning itself at the “cutting edge” of cryptocurrency technology to attract more investments and jobs to the sector. The endgame of these efforts is apparently to widen consumers’ financial choices in the UK to include more cryptocurrency options.
Some of the more salient points of the country’s plan include:
The formation of a Cryptoasset Engagement Group to increase collaborative efforts between the UK and the cryptocurrency industry
UK Finance Minister Rishi Sunak has officially summoned the Royal Mint to create and issue a Non-Fungible Token (NFT) by the end of the summer to communicate to the world that the UK is fully committed to accelerating cryptocurrency innovation in that country
A pervasive analysis of the UK's tax system to identify where the country can be more competitive in incubating greater levels of innovation in cryptocurrency technology
The formation of a "financial market infrastructure sandbox” that would persuade influential crypto-companies to experiment and innovate
Another critical component of the UK's plan is the broader adoption of stablecoins. When appropriately regulated, stablecoins provide an efficient means of payment to a broader consumer base with the perceived benefit of being affiliated with a fiat currency, like the dollar.
Such an affiliation means much more stability in the value of the stablecoin. Other common digital assets like Ether and Bitcoin can demonstrate more price volatility because the assets are not pegged to any fiat currency. The anticipated course of action will be legislation that formally adopts stablecoins within the UK’s payment regulatory parameters.
Crypto Wallets for UK Investors
Clearly, the UK plans to compete for pole position in terms of being at the forefront of cryptocurrency’s innovation engine. That means crypto investors in that country need to adopt a solid plan for safely storing and trading their digital assets.
So, let's think 'crypto wallet UK'
Leaving digital assets spread out across a swath of different crypto exchanges puts investors at a higher risk of "hacking". Digital wallets are viewed as an essential layer of security that we can take to protect our assets. As the case often is with traditional currencies, crypto assets can be stored in different types of physical and “virtual” wallets. Many cryptocurrency wallets are simply software applications or desktop software programs.
Other more advanced (and secure) cryptocurrency wallets are physical hardware devices, often applauded for their excellent security benefits.
The key features that UK crypto investors need to consider when choosing their wallet include:
• Software or Hardware (which suits your lifestyle and trading style?) • User-friendliness • Security • What digital assets (tokens) are supported?
As our global society grows increasingly digital, it won't just be those in the UK who need a prudent strategy to inventory and trade their cryptocurrency funds.
Many hardware and software wallets are worthy of consideration, and the innovations are continuing by the day.
Do your own research to ensure the wallet you decide upon will allow you to store your crypto assets in a safe and secure location.
Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.