A unclear regulatory attitude on digital assets attracts pointed criticism of market participants, and some refer to “political delay” as a key reason why the country remains behind the European Union and the USA in the race to define digital finances.
On the Friday blog postJohn Orchard, chairman and Lewis McLellan, editor of the Digital Monetary Institute at the official Forum of Monetary and Financial Institutions (OMFIF), Independent Think Tank, argued that Great Britain wasted its advantage of early change in Distributed Ledger financing.
Post, entitled “Great Britain is still lacking in Łódź in DLT Finance” He said that Great Britain once expects to determine the Golden Standard after Brexit to regulate cryptocurrencies, still “does not talk about regulation in the future.”
“At the moment there is a date clearly missing part of the” “Go-Live” regime “Crypto Road Map”, although it suggests some time after 2026 “-Erchard and McLellan.
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The EU and USA introduce cryptocurrency regulations
The framework of the European Union markets as part of cryptocurrencies (MICU) is already in force, while the US Senate recently adopted the presidency and establishment of national innovations for American Stablecouins or Genius Act, a groundbreaking act on the federal handrails for Stablecouins.
However, the British financial injury body still lacks a confirmed date of the cryptographic regime. “This lack of feasible RAM delays Great Britain’s ability to adapt to the possibilities … All finances will be onoinkoin,” the authors wrote.
Criticism also focuses on Great Britain’s approach to Stablecouins. Unlike the US, which treat them as separate payment tools based on the genius Act, British regulatory organs threw them into cryptographic investment assets, which “surprised” the market.
The initial attitude of the Bank of England only deepened the fears. The design frames required that system stablecoin be completely supported by the money of the central bank – it stipulates that industry players stated that emissions would make emissions unprofitable in trade. Although since then the bank began to alleviate this position, it has not yet offered a feasible model.
Related: Crypto fund: EU or Great Britain?
Jurisdictions are progressing with cryptocurrency regulations
Meanwhile, other jurisdictions are making progress. In May, Hong Kong adopted the Stablecoin Act and quickly develops the toketenization ecosystem through his Project Ensemble initiative.
The authors also praised the United Arab Emirates (VARA) Regulation Office for being a dedicated digital assets regulator, in contrast to the British attempt to adapt older institutions to new financial models.
The blog came to the conclusion that although the United Kingdom conducted fintech innovations in 2010 and continues to benefit from the benefits such as its time zone, language and legal system, its position is far from safe. “Financial centers come and go away”, the authors warned, calling for quick actions of regulatory bodies.
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