A new blog by the Official Monetary and Financial Institutions Forum (OMFIF) highlights the UK's struggling position in the evolving crypto landscape, particularly when compared to the EU and US. With the EU having implemented the MiCA framework and the US advancing with the Genius Act, the UK is criticized for its vague regulatory approach towards digital assets. John Orchard and Lewis McLellan from OMFIF argue that the UK is losing its initial lead in the sector, as plans for a tangible regulatory framework remain ambiguous. The Financial Conduct Authority has not yet confirmed when its 'Crypto Roadmap' will be enacted, causing concern among market participants. The UK's treatment of stablecoins is also under scrutiny, as they are grouped with other crypto assets rather than viewed as distinct, which confuses the regulatory landscape. The Bank of England's initial guidelines further complicate stability in the market. Meanwhile, innovative regulations are being implemented in jurisdictions like the UAE, contrasting sharply with the UK's hesitancy. The authors warn that without rapid regulatory advancements, the UK risks falling behind in financial innovation.

Source 🔗