TechFlow, May 1 — According to CoinDesk, several industry executives told CNBC that the UK needs to step up efforts to become a global hub for the crypto industry to avoid falling behind countries like the United States.
Although the UK has expressed its ambition to become a crypto hub since 2022, it only began consulting on draft legislation this week. In contrast, the European Union has already implemented the Markets in Crypto-Assets (MiCA) regulation, while the new Trump administration is pushing to promote industry growth and ease regulations.
Jaidev Janardana, CEO of digital bank Zopa, said: "In terms of pace of innovation, I think the US is ahead—even though they have their own challenges. But look at Singapore, Hong Kong—you’ll see faster innovation happening there."
Cassie Craddock, Managing Director for the UK and Europe at blockchain company Ripple, told CNBC: "Other jurisdictions have started to seize the opportunity."
Mark Fairless, CEO of payments infrastructure firm ClearBank, said the company's plans to develop its own stablecoin have been hindered by the lack of regulatory clarity. He added that a ClearBank stablecoin could only be launched once UK regulators, including the Bank of England, have clarified their positions.
Keith Grose, head of Coinbase UK, told CNBC: "I think the UK will eventually get it right, but if it doesn’t, there’s a risk of pushing innovation into other markets."
