The United Kingdom is gearing up to become the hub for courting startups, crypto services, and all the major established players. In fact, the country also wants to lead the way in making new regulations for NFTs and stablecoins.
But if we look elsewhere in the world, a lot of things have changed. The lawmakers from the EU reached an agreement on the MiCA regulations - As a result, this became an important moment for the whole crypto sector! In the USA, an executive order was signed by the government, which outlined the approach for the development of new digital assets in the country.
In the United Kingdom, a lot of political changes happened during the same period of time. Treasury Minister Glen had a more supportive view of the crypto and the blockchain industry, but the institutions of the UK had some other views. According to them, they had concerns about the viability and safety of cryptocurrency.
In fact, the governor of the Bank of England represented the crypto market as an opportunity for criminal elements.
It is these mixed signals sent by the political government and the authorities that are hindering the growth of the crypto industry in the UK.
Whenever a country allows uncertainty to breed and form roots, it leads to stagnation & that's what we are witnessing in the case of the UK.
Right now, there is a clear lack of clarity which has put a brake on cryptocurrency adoption by consumers. Unless the regulators start to think and send signals on the same wavelength, the industry will remain in doubt.
And now, there is news of a new government and a new prime minister in the United Kingdom. This means that it has become more important that we get a unified stance from the Bank of England and the political government.