Britain wants to take the US on as a global crypto hub — but the industry has its doubts

Britain's Labour government has committed to making the U.K. an accommodating environment for crypto and blockchain-related businesses.

In a recent speech, U.K. Economic Secretary to the Treasury Tulip Siddiq said the government aims to engage firms on draft legal provisions for digital assets including stablecoins — tokens pegged to the value of sovereign currencies —"as early as possible next year."She also said the government wouldn't approach crypto staking services, which offer rewards on users' token holdings, as collective investment schemes.

"I don't know whether we have the policymakers, the government, the risk appetite, the pro-entrepreneurship attitude to really capitalize on this generational opportunity," Steven Bartlett, a British entrepreneur famous for his"Diary of a CEO" podcast series, said in a fireside discussion at the Stand with Crypto event.

"Time's moved on from then," McDonaugh said."We believe that we can unlock a tsunami of capital into the British markets by removing that restriction."

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