UK Delays Crypto Regulation Risks Losing Ground to Global Competitors
The U.K. must enhance efforts to become a global crypto hub, as it risks falling behind the U.S. and other countries, according to industry executives. Key points include:
- The U.K. government commenced seeking comments on draft crypto legislation this week.
- The European Union has implemented its Markets in Crypto Assets legislation, while the U.S. promotes crypto with relaxed regulations.
- Executives highlighted faster innovation in the U.S., Singapore, and Hong Kong compared to the U.K.
- Standard Chartered predicts the stablecoin sector could grow to $2 trillion by 2028 following new legislation in the U.S.
- Lack of regulatory clarity is hindering U.K. firms from developing stablecoins.
- Despite challenges, the U.K. retains potential due to its ecosystem and talent pool.
- Concerns exist that failure to act may lead to innovation moving abroad.