UK Can't Afford to Send Mixed Messages on Crypto
Regulators have given mixed messages about whether the UK is a good place for cryptocurrency development.< /p>
But a lot has changed. After two years of deliberations, European Union lawmakers have reached an agreement on the regulation of crypto-asset markets (MiCAs), marking a pivotal moment for harmonized supervision of the sector on such a scale. This followed US President Joe Biden's executive order recommending a whole-of-government approach to the responsible development of digital assets in the United States.
The UK also saw major political changes during this period, including the resignation of Treasury Secretary John Glen, whose April pro-industry speech was the strongest ever. UK manager to date.
While Glen was largely in favor of a regulated and stimulating framework for the sector, other UK institutions have expressed concern about the safety and viability of cryptocurrency. In fact, on the same day as Glen's speech, Bank of England Governor Andrew Bailey called the crypto market "an opportunity for the real criminal".
It is precisely this type of mixed message that could hamper the development of the industry just when the gun is fired. Uncertainty breeds stagnation. Evidence suggests that a lack of regulatory clarity has already held back widespread consumer adoption of cryptocurrency.
The sector will not enjoy any comfort until regulators align their thinking.
With a new Prime Minister and a new government on the horizon, it is vital that whoever takes up residence at 11 Downing Street unifies the government's position with the Bank of England and the country's regulators so that the Kingdom United can become a true leader. .
Regulators have given mixed messages about whether the UK is a good place for cryptocurrency development.< /p>
But a lot has changed. After two years of deliberations, European Union lawmakers have reached an agreement on the regulation of crypto-asset markets (MiCAs), marking a pivotal moment for harmonized supervision of the sector on such a scale. This followed US President Joe Biden's executive order recommending a whole-of-government approach to the responsible development of digital assets in the United States.
The UK also saw major political changes during this period, including the resignation of Treasury Secretary John Glen, whose April pro-industry speech was the strongest ever. UK manager to date.
While Glen was largely in favor of a regulated and stimulating framework for the sector, other UK institutions have expressed concern about the safety and viability of cryptocurrency. In fact, on the same day as Glen's speech, Bank of England Governor Andrew Bailey called the crypto market "an opportunity for the real criminal".
It is precisely this type of mixed message that could hamper the development of the industry just when the gun is fired. Uncertainty breeds stagnation. Evidence suggests that a lack of regulatory clarity has already held back widespread consumer adoption of cryptocurrency.
The sector will not enjoy any comfort until regulators align their thinking.
With a new Prime Minister and a new government on the horizon, it is vital that whoever takes up residence at 11 Downing Street unifies the government's position with the Bank of England and the country's regulators so that the Kingdom United can become a true leader. .
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