CandleFocus The UK has to get its crypto house in order | Opinion
2024-11-13
Author: Content Editor
The article discusses the challenges faced by jurisdictions such as the United Kingdom in developing a regulatory framework for the digital asset sector. It highlights the fragmented regulatory landscape in the US and the need for the UK to take action to remain competitive. The article suggests that President Donald Trump's support for cryptocurrencies could influence the US regulatory environment. It calls on the UK to complete and introduce the new fiat-backed stablecoins regime, increase staffing levels for crypto approvals, and make a decision regarding a central bank digital currency (CBDC). The article emphasizes the importance of regulation in protecting retail consumers while allowing for innovation in wholesale markets. It concludes by stating that the UK needs to accelerate its efforts in developing a comprehensive regulatory framework or risk being left behind by competitor jurisdictions.
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