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 Robinhood CEO Vlad Tenev has criticized UK policymakers for what he described as a “backward” approach to crypto trading regulations, especially when contrasted with the permissive stance on regulated gambling.&nbsp;&nbsp;
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<a href="https://www.thetimes.com/business-money/companies/article/trading-app-robinhoods-boss-vlad-tenev-bets-big-on-britain-n0f5lcq0r" rel="noopener noreferrer nofollow">In an interview with The Times,</a> Tenev emphasized the importance of individual autonomy in financial decisions, dismissing concerns about young people developing an “addiction” to crypto trading.&nbsp;&nbsp;
Earlier this year, Amanda Pritchard, Chief Executive of the UK’s National Health Service (NHS), <a style="color: #0000ff;" href="https://www.england.nhs.uk/events/highlights/amanda-pritchard-speech-june-2024/" rel="noopener noreferrer nofollow">voiced</a> alarm over a growing number of young men seeking treatment for addiction linked to Bitcoin trading. She called for stricter regulations on cryptocurrency platforms to mitigate further risks.&nbsp;&nbsp;
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Responding to these concerns, Tenev remarked, 
<blockquote>
 “I believe people should have the freedom to choose what they do. From a policy perspective, it’s perplexing that gambling remains acceptable while crypto and margin trading are viewed as problematic. That kind of inconsistency doesn’t make sense to me.”
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Tenev also outlined an ambitious vision for Robinhood, aiming to evolve it into a global financial giant on par with JP Morgan. His plan encompasses managing everything from micro Bitcoin transactions to retirement portfolios and incorporating AI-powered financial planning. He revealed that the UK is set to play a pivotal role as the launchpad for this bold expansion strategy.
This interview by Tenev comes as the British government <a style="color: #0000ff;" href="https://defi-planet.com/2024/11/u-k-plans-new-stablecoin-and-staking-laws-to-retain-crypto-firms/" rel="noopener noreferrer nofollow">reportedly</a> plans to introduce new crypto regulations by December 2024 to retain companies drawn to pro-crypto policies in the U.S. under President-elect Donald Trump. According to a report, the U.K. Treasury is preparing legislation to regulate stablecoins and exempt crypto staking from certain financial rules, empowering the FCA to establish specific guidelines.
Meanwhile, the FCA has <a style="color: #0000ff;" href="https://defi-planet.com/2024/10/fca-stands-firm-on-crypto-registration-rules-rejects-claims-of-hindering-innovation/" rel="noopener noreferrer nofollow">maintained</a> stringent registration standards for crypto firms, which Val Smith, FCA Head of Payments and Digital Assets, describes as crucial for building a sustainable digital asset industry. Smith emphasised that unchecked growth without regulation is unsustainable and highlighted the FCA’s collaboration with the government, industry, and global stakeholders to ensure a secure and stable crypto sector in the U.K.
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The post <a href="https://defi-planet.com/2024/11/robinhood-ceo-labels-uk-crypto-rules-backward-advocates-for-financial-freedom/" rel="noopener noreferrer nofollow">Robinhood CEO Labels UK Crypto Rules ‘Backward,’ Advocates for Financial Freedom</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Robinhood CEO Labels UK Crypto Rules ‘Backward,’ Advocates for Financial Freedom

DeFi Planet

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