Despite the promises of previous premieres to transform Great Britain into the center of cryptocurrencies, Great Britain is still cautious in the regulation of the cryptocurrency industry.

In 2022, then Prime Minister Rishi Sunak promised to change the legal provisions regulating the cryptographic industry in Great Britain, which makes them more genial to blockchain. Rhetoric could relieve entrepreneurs, but the management and observers from the industry say that progress is snail-paced and that there are still no rules he wants to develop.

The work of work under the rule of Prime Minister Keira Starmer did little to continue this program; Crypto took room for other fears. Tom Spiller, a partner in Rosenblatt’s rights focused on cryptography, told Cointelegraph that the party “seems more cautious and there is no clear focus that is in the key missions of the government.”

Earlier promises of the transformation of Great Britain in the center of cryptocurrencies did not come, but the signs suggest that the wave is changing.

Things may look like the British cryptographic industry

In the United States, Crypto is an actively implemented guerrilla issue, but the main political parties in Great Britain are almost as uninhabited.

In April 2022, a conservative government led by Sunak announced Plan to make Great Britain Crypto Hub. The proposed funds included recognition of Stablecouins as a form of payment, the introduction of “market infrastructure sandbox” and establishing a “group of cryptoset involvement” to cooperate with the industry.

The reform announced that she would accept the Bitcoin (BTC) campaign contribution at the beginning of this year, and the labor force, at the same time emphasizing concern with the protection of users, was also not outside the industry.

James Harris, general director of the Fintech Tesseract Group, told Cointelegraph that “tons were mainly caution and consumer protection, slowly deependently pragmatism.

“In general, crypto in Great Britain still seems opportunistic than ideological.”

Harris added that there are encouraging signs. He said that in April 2025 the tax consultations HM and Paper Paper Paper CP25/14 “suggests a transition towards treating cryptocurrencies as a legitimate class of assets under the Act on financial and market services (FSMA)”.

Related: UK FCA finance regulator “repelling” for the cryptocurrency industry, says Cryptouk

Tax consultation that Closed In May, changes in FSMA were proposed that would allow Stablecoin, erecting and other cryptographic activities. CP25/14 Financial Conduct Authority proposed, but did not introduce a set of rules on stablecoin and cryptographic care.

Real Estate Act (digital assets, etc.), as a result of the latest debate in parliament, may soon recognize digital assets as real estate. If it was adopted, the law represents a “earnest breakthrough”.

UK Cryptographic industry wants regulatory authorities to be more decisive

Despite these positive changes for the industry, some are afraid of the speed of alleged change of opinion by the government about cryptocurrencies.

Spiller said: “There is concerns about the pace of progress, especially compared to the development of jurisdiction such as the United States. This is a slower risk by encouraging talent and capital to migrate elsewhere.”

Great Britain is still “behind global peers,” said Harris. He emphasized that the EU has its markets as part of regulatory cryptocurrencies (MICU), ZAA basically accepts cryptographic cryptographic, and the US “makes significant legislative progress, which provides greater clarity than ever before.”

Industry groups are increasing campaigns to try to change the legal landscape in Great Britain. According to the spokesman, Cryptouk, a trade organization for the cryptocurrency industry, “cooperates with parliamentarians, peers, regulatory bodies, media and other interested parties.”

In particular, the group called on regulatory bodies to recognize Stablecouins, institutions of what they consider to be just the banking principles “that more digital asset companies could exploit the same financial services in Great Britain” and change the advertising principles.

For Spiller there is also a place for Great Britain to improve the method of managing the assets of cryptocurrencies, which he keeps from criminal attacks. “These assets are not always optimally managed. It is possible to manage these resources better to exploit a public bag.”

The Ministry of the Interior and the Head of the Treasury, Rachel Reeves, are currently working on selling some of these assets worth $ 7 billion in order to supplement the government budget. Harris believes that this still means an imperfect understanding and a “tiny -term view of crypto.”

Related: Great Britain working on selling USD 7 billion in confiscated bitcoins to increase the budget: Report

The cryptographic sector was largely able to adapt to the government’s requirements for preventing money laundering and set the principle of travel. “There are solid tools for compliance, and responsible actors exploit them in space,” said Spiller.

Despite this, the key obstacle is that many cryptographic projects are not easily classified on the basis of the current law governing traditional financial instruments. Industry observers say that there must be more refined and adapted regulations regarding destiny.

The regulations change the industry landscape

In April, when the government announced The legislation project for the cryptographic industry emphasized consumer protection and said that the new law would “do it”[crack] Down of bad actors, while supporting legal innovations. “

It is expected that the appearance of specific and solid regulatory frames, such as Mika in Europe, will cause consolidation in the local cryptographic industry. It is expected that illegal or illegal entities, as well as diminutive companies that cannot raise the bill as compliance. In turn, immense and compatible companies will occupy their space and compete with each other for market share.

This trend is also expected in the USA, where Congress intends to adopt its law on clarity, which will provide an individual regulatory system for the cryptocurrency industry. President Donald Trump signed a genius act last week, which includes Stablecouins.

According to the article of May 2025, from three partners from the International Law Firm White & Case “Players like Coinbase, Kraken and Circle are to make additional acquisitions in the near future. […] Coinbase expects to acquire two or three exchanges of foreign cryptocurrencies in the next few years. “

It is a reasoning that the same transformation of Blockchain’s business landscape may prove to be true for the British cryptocurrency industry, that is, if the government can undergo industry changes.

At this point, Pro-Crypto observers claim that Great Britain is still moving too slowly. Harris said: “There is still a lot to do if Great Britain wants to regain the ambition of” Crypto Hub “.

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