Policymaking in the United Kingdom is typically reactionary, and this is no less true in the context of the crypto-asset industry. Reactionary policymaking means that the U.K.’s crypto regime is occasionally behind those of its competitors, which could ultimately cause the U.K. to become a less attractive place to conduct crypto-related business.
The former Chair of CryptoUK, Iqbal Gandham, pointed out in an April 2018 letter to the U.K. Parliament’s Treasury Committee that despite the fact that “the UK holds great potential to become a global leader in cryptocurrencies,” the “absence of regulatory direction” has stifled innovation in the industry.
Erika Federis is legal counsel at digital payments platform Wirex. She trained as a lawyer at a top 100 U.K. law firm and was first introduced to the blockchain and crypto arena during her training contract. Since discovering her passion for the space, Erika has written articles on issues surrounding the topic and continues to follow the development of cryptocurrency regulations across the globe.
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