The UK’s unclear regulation on digital assets is the drawing of sharp criticism from market participants, with some mention of the “postponement policy” as a major reason the country is falling behind the European Union and the US in the race to define digital finances.
On a Friday blog PostJohn Orchard, chairman, and Lewis McLellan, editor of the Digital Monetary Institute at the official Monetary and Financial Institutions Forum (OMFIF), an independent tank of mind, argued that the UK wasted the advantage of its early walk Shared Ledger Finance.
The post, titled “The UK is constantly missing the boat in DLT Finance,” It is said that the UK, who is sometimes expected to set a post-brexit gold standard for crypto regulation, will continue to “talk un-specific about future regulation.”
“Like standing, there is a date that is accidentally disappearing for part of the ‘Go-Live’ regime ‘part of the’ Crypto Roadmap of the Financial Conduct Authority, even if it suggests a few hours after 2026,” wrote Orchard and McLellan.
Related: UK to be ‘safe harbor’ for crypto with new draft policies
EU and US have introduced crypto regulations
The European Union’s Crypto-Assets markets (MICA) The plot is valid, while the US Senate recently passed the Guide and Establishment of National Change for US Stablecoinsor Genius Act, a landmark bill that establishes federal guards for stablecoins.
However, the UK financial authority is still lacking a confirmed go-live date for its crypto regime. “This disadvantage of a working plot covers the UK’s ability to adapt to the possibility that … all finances will go tochain,” written by the sets.
The critic is also focused on the UK’s approach to Stablecoins. Unlike the US, who treats them as unique Payment tools under the Genius ActUK regulators have entered them in crypto investment assets, a step “mystified” in the market.
Bank of England’s initial stance only deepened the concerns. Its draft framework is required by systemic stablecoins to be fully able to back up by the central bank’s money – a condition of industry players to be disputed will make commercial release that is undeniable. While the bank has since begun to ease this position, it has not offered an available model.
Related: The Domicile decision of the Crypto Fund: EU or UK?
Jurisdictions have advanced in crypto regulations
Meanwhile, other constituents are taking steps. In May, in May, Hong Kong has passed a stablecoin bill and quickly forms a tokenization ecosystem By the initiative of its Project Ensemble.
Those who have also applauded the United Arab Emirates’ Virtual Asset Regulatory Authority (VARA) for Being a dedicated digital asset regulatorUnlike the UK’s attempt to adapt legacy institutions to new financial models.
The blog concluded that while the UK led the Fintech Innovation in 2010 and still benefits from benefits such as the time zone, language, and legal system, its position is far from safe. “Financial centers come and go,” the sets warned, urging the speed of action from the regulators.
Magazine: New York’s Pubkey Bitcoin Bar is Orange-Pill Washington DC Next
