George Osborn, a former Treasury advisor in the United Kingdom, criticized the government’s approach to the encryption industry, on the pretext that they must “catch” or risk that they are “backward” during the second wave of digital assets.
UK to miss SECOND Crypto Wave?
On Monday, the former adviser and member of the Coinbase Consultant Council, George Osborne, formed Chancellor Rachel Reeves and the ruler of England Bank Andrew Billy.
In an opinion article for the Financial Times, Osborne confirmed that a decade ago, the government’s message was “if an encryption occurred, we will want to happen here.” However, he considers that he is “far from being an early adopted, as we allowed ourselves to leave behind them.”
The former adviser explained that since he used the first ATM devices in Bitcoin Bitcoin 11 years ago, the UK had many advisors who pledged to support this industry, but “next to nothing happened.” As a result, they lost the opportunity to lead the encryption industry while the American authorities remained skeptical.
Now, “After the first encryption wave missed, we are about to miss the second: Stablecoins”, noting that unlike the United Kingdom, the European Union has legislated the encryption, and the United States just signed the Genius law to make America the “Stablecoin Revolution Center”.
We are still trading. The chancellor says she will “lead forward” on Stablecoins, whatever that is, while the Bank of England is still not convinced that commercial banks should issue them. This frequency is not related.
An invitation to “catch up with”
Osborne has argued that the UK authorities cannot continue to wait and evaluate the development of the digital revolution, “Bangel Lawson’s Great Remember in the 1980s”, while other financial capitals, including Singapore, Hong Kong and Abu Dhabi, are adopting comprehensive legislative frameworks for the origins of honor.
It is worth noting that the UK’s Financial behavior body (FCA) is working to create a more comprehensive regulatory framework for the digital assets that start next year. The Financial Supervision Authority released a discussion paper on the features of the upcoming encryption system as part of the encryption road map to expand to a more comprehensive regulatory framework.
The HM Ministry has also published a draft and documents explaining the details of the intended policy of the proposed judgments to establish a complete system of encrypted currencies.
The proposed rules are expected to place exchanges, merchants and agents within the organizational limits, “on bad actors while supporting legal innovation”, setting clear transparency, consumer protection and employment flexibility, such as traditional financial institutions.
Last week, FCA announced its plans to raise the current restrictions on the observations circulating in the exchange of encryption (CETNS) for retailers, starting in October. In addition, a new set of reporting rules has introduced to ensure that encryption investors do not deliberately evade taxes.
According to the previous advisor, some of the proposed rules, such as the Stablecoins Stablecoins claim only by the Central Bank reserves, guaranteed that the UK does not lead the sector, as the main financial players will continue to innovate “regardless of the position of the Bank of England.”
Osborne considers that the blaming organizers are a “lame excuse”, as the current restriction approach “ensures that the pound will not even play a supportive role.” He urged the ministers to adopt innovation and put the long -awaited frame.
“We have become the financial position in the world because we were not afraid of change. On encryption and niches, as in many other things, the difficult fact is: We are completely backward. It is time to catch up with the knees,” and concluded.
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