UK Risks Falling Behind in Global Crypto Race, Warns George Osborne

Former Chancellor George Osborne has issued a stark warning that the UK is losing ground in the global cryptocurrency race. The country's sluggish regulatory response mirrors its historical delays in adopting financial reforms, leaving it at a disadvantage against more proactive jurisdictions.

While the US, Hong Kong, and Singapore have established clear crypto frameworks and launched ETFs, the UK remains mired in consultation phases without implementing concrete legislation. Osborne draws parallels to the 1980s, when similar hesitation cost the UK leadership in financial innovation.

UK regulators are currently moving to restrict crypto investments using borrowed funds, a risk-averse approach that contrasts sharply with other financial hubs' strategies to balance innovation with oversight. This regulatory inertia threatens to exclude the UK from shaping the digital asset economy.