Last summer, UK Prime Minister Rishi Sunak said he was keen on providing regulatory clarity regarding how crypto firms should register and operate in the country — as part of his ambitions for the UK to become a global hub for web3.

However, fast-forward several months and some firms have now suspended services or exited the UK market amid strict marketing rules from the country’s financial regulator, the Financial Conduct Authority.

“For certain crypto players, the FCA’s rather stringent marketing rules are acting as a deterrent and a potential reason to leave the jurisdiction," lawyer and Bittrex Global CEO Oliver Linch told The Block in an interview. “Keeping consumers safe is of paramount importance, but the best way to do that is by forming a legal framework that is comprehensible …