The UK is being "left behind" in the crypto race, former Prime Minister George Osborne warns

Former UK Prime Minister George Osborne has warned that the UK is being "left behind" in the cryptocurrency race due to overly cautious regulatory policies. In an article on #FinancialTimes , Osborne criticized Prime Minister Rachel Reeves and Bank of England Governor Andrew Bailey for being too timid, causing the UK to lose its position in the wave of financial innovation.

Concerns from experts and the industry

Osborne compared the rise of crypto to the "Big Bang" reforms of the 1980s that helped solidify London’s financial position. He believes the Bank of England's policies on stablecoins are hindering innovation.

This concern is echoed by industry experts. Su Carpenter, Director of #CryptoUK , urged the UK government to adopt policies recognizing stablecoins and to implement fairer banking regulations for digital asset companies. Callum Mitchell-Clark, co-founder of Alvara Protocol, noted that although the UK "talks a lot" about becoming a global crypto hub, it is actually lagging far behind other regions like the EU, Singapore, or Hong Kong.

Data shows that 12% of adults in the UK currently own crypto, up from 10% in 2022. However, lawmakers continue to maintain a cautious stance, focusing on consumer protection, which is causing startups and investment capital to shift to regions with more open policies. #anhbacong