The UK’s efforts to emerge as a crypto hub are hindered by slow regulatory changes, with past promises by leaders like Rishi Sunak largely unmet. The current government under Prime Minister Keir Starmer shows little urgency to enact reforms.
Encouraging developments, like the consultations by HM Treasury and proposed amendments to financial legislation, point towards potential recognition of stablecoins and an improved regulatory framework.
Despite positive changes, the UK faces criticism for its slow approach compared to the US and EU. Industry representatives advocate for more decisive actions and improved banking regulations for crypto firms.
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