- The UK crypto industry anxiously awaits new rules.
- Crypto users increasingly want good rules.
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The UK lags the EU on crypto regulation.
While the ousted Tory government pushed to introduce new laws this summer, it will take the new Labour government at least another year to regain the momentum, says Gillian Lynch, head of Europe and Ireland at Gemini.
And that’s a good thing, she adds.
“If it means you get a really considered piece of regulation coming out in 12 to 18 months, that’s OK,” Lynch said.
That may be too long for some crypto lobbyists who worry that a lag could see the country lose out on business to the EU, as businesses seek a clear regulatory environment.
Brussels is rolling out one of the world’s most comprehensive regulatory frameworks for crypto: the Markets in Crypto-Assets regulation.
MiCA’s stablecoin rules are in place for exchanges, wallets, and other crypto asset service providers. They will kick in at year-end.
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