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| The crypto sector is awaiting regulatory framework in the UK |
Gunnercooke, a UK-based law firm, has officially enabled payments for its services in crypto assets such as Bitcoin and Ether. Founded in 2010, the London-headquartered firm claims to have over 300 lawyers as part of its team. By integrating crypto payments with its working, Gunnercooke is now among a small bunch of firms that provide the option of crypto payments and most of them are in the US. In an official statement, the law firm claimed to have become the first in the UK to accept fees in Bitcoin and Ether among other crypto assets.
“We will now be able to work with a wider variety of clients across different jurisdictions, plus offer our partners the flexibility to be paid securely in the way they choose,” Naseer Patel, Finance Director of Gunnercooke said in a statement.
Attestant, a company facilitating crypto-staking, a process used to verify cryptocurrency transactions, has paid Gunnercooke in Ether for its legal consultancy services this week.
Coinpass crypto exchange has been selected to help Gunnercooke to facilitate exchanges.
“We're especially excited to be partnered with an organisation that has ambitions to push blockchain and crypto forward in the UK,” said Jeff Hancock, Coinpass CEO commenting on the development.
The crypto sector is facing regulatory monitoring in the UK, which the country is still working on.
Earlier in January, UK authorities put in place an independent group of lawmakers to work on drafting regulations on the digital currencies market. The committee is named Crypto and Digital Assets Group.
Meanwhile, crypto advertisements are facing reluctance from the authorities in the UK. Since crypto assets are high risk investments, the UK government does not support advertising them and exposing people to the risks of financial losses.
UK's Financial Conduct Authority (FCA) is planning to tighten the noose around crypto advertisements in the country.
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