UK crypto hopes stall, but ‘encouraging signs’ are there
The crypto industry in the UK is pushing for the government to change the rules of the road, and it just may be working.
Despite promises from past prime ministers to turn the UK into a crypto hub, the UK is still cautious about regulating the crypto industry.
In 2022, then Prime Minister Rishi Sunak promised to amend laws governing the crypto industry in the UK, making them friendlier to blockchain businesses. The rhetoric may have relieved entrepreneurs, but executives and observers from the industry say that progress is slow and that it still doesn’t have the rules it wants in order to expand.
The Labour government under PM Keir Starmer has done little to further this agenda; crypto has taken a back seat to other concerns. Tom Spiller, a partner at crypto-focused Rosenblatt Law, told Cointelegraph that Labour “appears more cautious and there is not a clear focus that sits within the government’s key missions.”