With both the US and EU poised to introduce regulatory regimes for crypto, the UK must urgently establish itself as a hub for innovation, says John Glen

During my years in the Treasury, I saw firsthand the transformative power of technology in shaping our economy, and I also witnessed the state building barriers to emerging innovations. As we progress through 2025, the UK faces a pivotal moment in deciding whether it will lead or lag in the burgeoning field of cryptocurrencies and blockchain technology.

With Donald Trump’s return to the White House, the United States is poised to implement a pro-crypto regulatory regime, catalysing innovation and investment. Similarly, the European Union’s Markets in Crypto-Assets Regulation (MiCA) offers a harmonised framework, albeit with its challenges, for crypto firms across the 27 member states. These developments underscore the urgency for the UK to establish itself as a hub for crypto innovation. Unfortunately, current trends suggest we are falling behind.

Crypto leaders broadly feel that the Financial Conduct Authority (FCA) has adopted an excessively cautious stance toward the industry, even creating a combative environment. For instance, Copper, a leading crypto custody firm, recently withdrew its application for UK registration, citing the burdensome regulatory environment. The FCA went six........

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