City Minister Lucy Rigby claims the UK can absolutely compete with the US to become a global crypto hub. This follows the government's introduction of long-awaited legislation to regulate digital assets like Bitcoin. The proposed framework aims to provide regulatory clarity by 2027, with the Financial Conduct Authority tasked with designing the detailed rules.
Rigby described the UK's approach as comprehensive and forward-leaning, arguing it offers needed consumer protections. The move addresses industry concerns that Britain was falling behind both the US, where President Trump has championed crypto, and the EU, which already implemented its own regime. Around seven million UK adults reportedly own cryptocurrencies despite current market volatility and a lack of full regulation.
The push comes amid wider worries about the competitiveness of the UK's financial sector. Ministers have urged regulators like the FCA to cut red tape, acknowledging progress but stating there is further to go. The government hopes the new laws will balance innovation with the City of London's reputation for high regulatory standards.
Rigby described the UK's approach as comprehensive and forward-leaning, arguing it offers needed consumer protections. The move addresses industry concerns that Britain was falling behind both the US, where President Trump has championed crypto, and the EU, which already implemented its own regime. Around seven million UK adults reportedly own cryptocurrencies despite current market volatility and a lack of full regulation.
The push comes amid wider worries about the competitiveness of the UK's financial sector. Ministers have urged regulators like the FCA to cut red tape, acknowledging progress but stating there is further to go. The government hopes the new laws will balance innovation with the City of London's reputation for high regulatory standards.
