In interviews with CNBC, multiple industry executives said the UK needs to step up its efforts to become a global crypto hub to avoid falling behind countries such as the US. While the UK has said it wants to be a crypto hub since 2022, it only started consulting on draft industry legislation this week. By contrast, the European Union has implemented the Crypto Asset Markets Act (MiCA), while the new Trump administration is pushing the industry forward and deregulating.
Cassie Craddock, managing director of blockchain firm Ripple UK and Europe, told CNBC: "Other jurisdictions have started to seize the opportunity."
Keith Grose, head of Coinbase UK, told CNBC: "I think the UK will eventually get it right, but if it gets it wrong, it risks driving innovation to other markets."
UK crypto executives say delayed regulation will hurt their plans to become a global cryptocurrency hub
2025-05-01 14:03:24
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