A former Chancellor of the United Kingdom, Philip Hammond has said that the country was lagging in regulating the cryptocurrency industry.
Hammond stated that its counterparts have all moved towards regulating the Subsector.
According to him, it may be too late for the UK to regulate the industry if it fails to act now.
Hammond noted that the UK has every opportunity of standing out in the industry if it gets some prerequisite such as regulation of the Industry right.
In May, the UK had promised to regulate the cryptocurrency industry, but no legislation was in place till now.
According to Hammond, the UK was moving too slowly toward the crypto industry, risking the chance of benefitting from its potential.
“It isn’t too late for us to catch up and recover, but we are getting very close to the point where it will be too late,” he said.
He added that the UK government was yet to properly regulate the cryptocurrency industry, leaving players lost in the country.
Hammond described UK’s situation like the Wild West because investors and firms do not know where they stand.
Cryptocurrency In The UK
The UK’s stance on Cryptocurrency looks like one, laced with skepticism.
In 2021, the Financial Conduct Authority (FCA) in the UK, conducted a massive crackdown on cryptocurrency firms in the country.
Later, the government began giving hints of its readiness to give attention to the sector.
A few weeks ago, UK’s digital minister,
Chris Philp disclosed that the government was working towards making the country a crypto hub.
The Government is however insisting that a balance be struck in ensuring that the sector is rid of crimes and criminality.
Many are hopeful that this proclamation would lessen the stringent measures earlier touted by UK’s Financial Conduct Authority (FCA).