The United Kingdom must work harder to become a world center for cryptographic industry to avoid delaying countries like the United States, industry leaders at CNBC said.
The country said it wants to be a cryptographic center since 2022, before the current Labor government was elected, but only this week began to request comments on the industry bill.
The European Union, on the other hand, has already implemented its markets in cryptographic asset legislation (MICA), which provides a uniform regime through the block, and the new American administration of President Donald Trump promotes industry and relaxing regulations.
“If I look at the speed of innovation, I think the United States is ahead – although it has its own challenges. But watch Singapore, Hong Kong – again, you see a much faster innovation,” said Jaidev Janardana, CEO of the digital bank Zopa, CNBC. “I think we are still ahead of the EU, but we cannot remain complacent with it.”
Trump, for his part, urged the departments to develop friendly policies, and Stablecoin’s legislation is making its way to the Senate. The Stablescoin sector could reach 10 times to reach $ 2 billions within three years after the adoption of the legislation, Standard Charterd has planned.
“Other jurisdictions have started to seize the opportunity,” said Cassie Craddock, director general of the United Kingdom and Europe of the Blockchain Ripple company, in an interview with CNBC.
Mark Fairless, CEO of the Payments infrastructure company, Clearbank, said that his business had sought to develop his own stablecoin and was retained by the lack of regulatory clarity.
Stablecoins are “part of our medium -term and longer -term strategy,” Fairless told CNBC. “We are well put in place for that.” However, he added, a stablecoin of Clearbank will only be possible once the clarity of British regulators, including the Bank of England.
However, the country has not fully missed the bus.
“The United Kingdom is always an ideal place to set up. We have all the ingredients there, because we have the ecosystem, we have this talent that sets up new businesses,” said Lisa Jacobs, CEO of Business Lending Platform Funding Circle. “But that must continue. We cannot rest on our laurels.”
“I think the United Kingdom will do things well – but there is a risk if you are wrong that you stimulate innovation to other markets,” Keith Grose, British head of Coinbase, told CNBC.
Read more: The United Kingdom has created Crypto banking problems
