A new OMFIF blog warns the UK is losing its early advantage in digital asset regulation, as the EU enforces MiCA and the US advances with the Genius Act.
The UK’s unclear regulatory stance on digital assets is drawing sharp criticism from market participants, with some citing “policy procrastination” as a key reason the country is falling behind both the European Union and the US in the race to define digital finance.
In a Friday blog post, John Orchard, chairman, and Lewis McLellan, editor of the Digital Monetary Institute at the Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank, argued that the UK has wasted its early-mover advantage in distributed ledger finance.
The post, titled “The UK keeps missing the boat on DLT finance,” said that the UK, once expected to set a post-Brexit gold standard for crypto regulation, continues to “talk un-specifically about regulation in the future.”
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