Back in 2016, there was a referendum that caused Brexit, which has since been affecting all spheres of British life. Would Brexit’s effects be positive or negative for the fintech industry in the United Kingdom? We asked experts from the London Fintech Week, the U.K. in a Changing Europe, the University of Nottingham and more. Meanwhile — and this should be underlined — a lot of experts declined to give comments on such a politically sensitive topic.

While the U.K.’s government was trying to deal with Brexit, with numerous negotiations taking place during 2018, the European Union has made a turn to the blockchain industry, coming up with several major initiatives. Although the U.K. gained its position back in 2014 “as the world’s leading global financial services centre,” with an ambition to become a world leader in developing fintech as well as a global hub for financial innovation, Brexit leaves a major concern within the crypto industry: How might the U.K. deal with crypto after Brexit?

Related: Blockchain and Brexit: How Adoption Could Help With UK–EU Relations

However, some research has shown the negative effects that Brexit raised among financial services organizations within the U.K. For example, a report from TheCityUK underlines a significant decrease in the required tech talents in the fintech sector and a report from NewFinancial stresses that fintech businesses are moving from the U.K. to the E.U. in preparation for Brexit. At the same time, one of the Big Four auditors, KPMG, shows “a significant portion of the 55% increase in funding of UK fintechs since 2015.”

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