Coinbase CEO Brian Armstrong has intensified calls for the acceleration of cryptocurrency regulatory reforms in the United Kingdom. Engaging directly with UK policymakers, Armstrong aims to expedite the implementation of draft crypto asset legislation currently targeted for full effect by 2026.
The UK’s proposed framework, which differs from the European Union’s MiCA regulations by avoiding stablecoin transaction volume caps and permitting foreign stablecoins without requiring local registrations, places a strong emphasis on tax transparency and regulatory oversight.
Despite these developments, significant industry concerns remain. Leaders cite slow licensing processes and persistent regulatory uncertainty as major hurdles, warning that delays could drive crypto startups to relocate to jurisdictions perceived as more favorable, such as the EU or Singapore.
Recent positive steps include the Financial Conduct Authority’s (FCA) proposal to lift the ban on crypto exchange-traded notes (ETNs) for retail investors. Industry figures have hailed this move as a milestone. Concurrently, the brokerage firm IG Group’s decision to enable retail crypto trading within the UK signifies growing institutional market confidence.
A recent industry survey underscores the mixed sentiment: only 15% of crypto professionals believe the UK is currently headed in the right direction on regulation. However, half of those surveyed still see potential for the UK to establish itself as a leading global crypto hub with the right approach.