Former UK Chancellor George Osborne has criticized the UK’s cautious approach to cryptocurrency regulation, warning that it jeopardizes the nation’s position in the financial innovation landscape. In an op-ed for the Financial Times, he argued that the current regulatory environment is hindering progress, with the UK lagging behind jurisdictions like Singapore, Hong Kong, and Abu Dhabi. Osborne's comments coincided with concerns from industry advocates about the impact of restrictive regulations, such as the FCA's cooling-off periods and advertising bans. The growing adoption of cryptocurrencies in the UK, with 12% of adults reportedly holding crypto, underscores the urgent need for reform to align with global trends. Trade groups like CryptoUK have called for clearer recognition of stablecoins in UK law and better access to financial services for digital asset companies. Experts warn that the UK's regulatory delay could lead to losing ground in the crypto sector, as highlighted by frustrations from startup Alvara. Overall, the article emphasizes a pressing need for the UK to modernize its crypto regulations to foster innovation and growth.

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