Overview

• Former Chancellor George Osborne, now a Coinbase advisor, cautioned that the UK risks falling behind the US, Hong Kong, Singapore and Abu Dhabi without a clear crypto framework.
• Despite launching a crypto-asset consultation in February 2023, the Treasury has not published any draft legislation or established a unified licensing system.
• Regulators plan to ban retail investors from using credit cards and other borrowed funds to purchase cryptocurrencies in a bid to curb consumer risk.
• Bank of England Governor Andrew Bailey remains unconvinced that stablecoins can substitute commercial bank money, delaying any formal stablecoin regime.
• With the US Genius Act in effect and the EU’s MiCA rules live, Britain’s regulatory inaction endangers its standing as a leading financial centre.