Former UK Chancellor George Osborne has warned that the country’s cautious approach to crypto is causing it to fall behind in financial innovation. Osborne criticized current Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey for being out of step with global peers. He compared the situation to the Big Bang reforms of the 1980s and called for catching up. The UK has stricter regulations, including 24-hour cooling-off periods for new investors and bans on referral bonuses and certain types of advertising. CryptoUK echoed Osborne’s concerns, calling for recognition of stablecoins in UK law and fairer banking policies.

The Financial Conduct Authority (FCA) data from 2024 shows 12% of UK adults now hold crypto, up from 10% in 2022. However, other jurisdictions like Singapore, Hong Kong, and Abu Dhabi have moved ahead. Industry voices warn that the UK risks falling behind due to its cautious regulatory approach. London-based Alvara Protocol also expressed frustration with the UK’s slow progress in crypto regulation compared to the EU and US. Co-founder Callum Mitchell-Clark criticized the government’s slow and cautious approach, saying it risks becoming irrelevant in the global crypto industry.

Read more at Yahoo Finance: Former Chancellor Osborne Warns UK Is ‘Completely Left Behind’ on Crypto