The UK is struggling to establish itself as a leading crypto hub as it lags behind other nations due to delayed regulations, according to industry executives. Despite expressing goals to become a crypto-friendly environment since 2022, the government has only recently begun to propose legislation for the digital asset sector. As a result, executives argue that the US, alongside nations like Singapore and Hong Kong, has made more significant advancements in creating an innovation-friendly climate for crypto. Notably, the European Union has rolled out its Markets in Crypto Assets (MiCA) legislation, while the US administration has been advocating for relaxed regulations. Industry leaders emphasize the necessity for the UK to provide clearer regulatory frameworks to encourage innovation, especially in stablecoins, which are seen as crucial for the future. While some executives still believe the UK retains a strong ecosystem for crypto ventures, there are pressing concerns that failure to act swiftly may push innovation towards other global markets.

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