The United Kingdom needs to work harder to become a global center for the cryptographic industry to avoid staying behind countries like the United States, industry executives said to CNBC.
The country has been saying that it wants to be a cryptographic center since 2022, before the current Labor Government was elected, but only this week began to look for comments on the bill for the industry.
Meanwhile, the European Union has already implemented its markets in cryptographic assets (MICA) legislation, which provides a uniform regime throughout the block, and the new US administration of President Donald Trump is promoting the industry and relaxing regulation.
“If I look at the speed of innovation, I think the United States is ahead, although they have their own challenges. But look at Singapore, Hong Kong, again, you see a much faster innovation,” said Jaidev Janardana, CEO of Digital Bank Zopa, CNBC. “I think we are still ahead of the EU, but we cannot continue to be complacent with that.”
Trump, on the other hand, has been urging departments to make friendly policies with cryptographic, and Stablecoin legislation is working in the Senate. The Stablecoin sector could increase 10 times to reach $ 2 billion within three years after the approval of the legislation, Standard Chartered has been predicted.
“Other jurisdictions have begun to take advantage of the opportunity,” said Cassie Craddock, managing director of the United Kingdom and Europe at the Blockchain Ripple firm, in an interview with CNBC.
Mark Fairless, CEO of the Clearbank payment infrastructure firm, said his business has been looking to develop his own stable and has been retained by the lack of regulatory clarity.
Stablecoins are “part of our medium -term medium -term strategy,” Fairless told CNBC. “See you well prepared for that.” However, he added, a Clearbank Stablecoin will be possible only once there is clarity of the United Kingdom regulators, including the Bank of England.
Even so, the country has not completely lost the bus.
“The United Kingdom is still that excellent place to establish. We have all the ingredients there, because we have the ecosystem, we have this talent establishing new businesses,” said Lisa Jacobs, CEO of the business loan platform, circle financing circle. “But you have to continue. We can’t rest in our laurels.”
“I think the United Kingdom will achieve it well, but there is a risk if it is wrong to drive innovation to other markets,” said Keith Grose, head of the United Kingdom of Coinbase, to CNBC.
Read more: the United Kingdom has created cryptographic banking problems
