Opinion By: Mark Basa, global brand and business manager at $800m crypto company HOKK Finance.
He says: “Honestly, I’m incredibly excited for the U.K to do this. The U.K is extremely influential when it comes to certain fiscal policies, so I imagine this could have a ripple effect in the Commonwealth, where numerous nations follow suit and begin to rapidly accept crypto, issue NFTs, and use stablecoins as a major use of commerce.
“What is incredibly interesting is the U.K Government’s take on DAOs. I feel that once the true mechanisms of a DAO are understood, there will be a boom in companies shifting towards this sort of governing for both private and public entities, where governance tokens are issued in lieu of common stock.
“Also strikingly positive is how the U.K Government will look into DeFi loans. A major hurdle in crypto adoption will come down to how the mortgage market shifts towards decentralized finance, opening a plethora of opportunities for new and existing businesses to offer their customers loans on the blockchain. Depending on how the legislation is worded, I imagine that centralized banks will try to secure their place in DeFi, whereas decentralized platforms will continue to dominate until either cracks the code on how to get the average joe (retail investor) to adopt their lending protocol.”
