$BTC $BNB $USDC UK Crypto Leaders Warn: Regulatory Delays Threaten Ambition to Become a Global Hub
According to CoinDesk, crypto industry leaders in the UK have voiced concerns about the delays in regulatory frameworks, which risk causing the country to fall behind the US, EU, or Asia. Although the UK aims to become a global crypto hub by 2022, the first draft of the law has only just entered the public consultation phase.
Key Statements:
Jaidev Janardana (CEO of Zopa - Digital Bank):
"The US is leading in terms of innovation speed, although they also face their own challenges. Singapore and Hong Kong are also developing very quickly. The UK is still ahead of the EU but cannot be complacent."
Cassie Craddock (Director of Ripple in the UK):
"Other jurisdictions have seized the opportunity. The UK needs to act urgently to not miss the crypto wave."
Mark Fairless (CEO of ClearBank - Payment Infrastructure Company):
"We want to develop our own stablecoin, but the lack of legal clarity has hindered progress."
Global Competitive Landscape:
EU: Comprehensive MiCA (crypto regulatory framework) to be implemented from 2024.
US: The Trump administration is pushing for stablecoin legislation and easing regulations.
Asia: Singapore, Hong Kong, and Japan are continuously updating friendly policies.
Risks for the UK:
Missed opportunities to attract crypto businesses to markets with clearer laws.
Slow technological innovation, especially in the fields of stablecoins and DeFi.
