The UK is at a turning point in crypto regulation, policymakers say 

The comments come as the EU continues to implement its MiCA framework

article-image

a16z Crypto’s Head of Policy Brian Quintenz | Ben Solomon Photo LLC for Blockworks

share

The United Kingdom can learn from what other countries have gotten right — and wrong — with digital asset regulation, policymakers said Wednesday. 

“We have such an opportunity in the UK because we’ve seen what’s happening in the [European Union]…and indeed to a large extent what isn’t happening in the United States,” Lord Chris Holmes, member of the UK House of Lords, said Wednesday. 

Lord Holmes appeared alongside Dr. Lisa Cameron, Member of UK Parliament, during a panel discussion at the Blockworks Digital Asset Summit in London. The two agreed that establishing clear, effective innovation quickly is essential. 

Read from our opinion section: DeFi needs institutions — and regulation 

“It’s actually the digital revolution that we’re on the cusp of, and we need to make sure that the UK is at the helm of it,” Dr. Cameron said Wednesday. 

The comments come as the EU continues to implement its Markets in Crypto-Assets Regulation (MiCA) framework, which the European Parliament passed in 2023. 

The legislation, while widely hailed as one of the more comprehensive policy packages for crypto in the world, does still leave some gaps. EU Parliament members opted to hold off on creating regulations around DeFi, which some say is actually a positive. 

“If a jurisdiction can understand and create thresholds of decentralization and incentives to achieve decentralization…that jurisdiction is where all of the innovation is going to go,” Brian Quintenz, global head of policy at a16z Crypto, said. 

Lord Holmes agreed, adding that the industry should not fear policy because it can be done correctly. 

Read more: UK minister eyes stablecoin, staking legislation in next 6 months: Report

“If anyone tells you regulation will stifle innovation, will stifle investment, it will only do that if it’s the wrong regulation,” Lord Holmes said. 

Lord Holmes, a self-described “rational optimist” when it comes to the future of crypto regulation in the UK, said this is a “snapshot moment” for the industry. 

“We have a big opportunity right now,” Lord Holmes said. “It’s my ambition, working with Lisa [Cameron] and others across the Parliament to…enable legislation with the goal of inclusion and innovation.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

The US spot bitcoin fund category has notched negative net flows over the course of a week just three times since coming to market in January

article-image

Elsewhere, rank-and-file employees move around and Binance’s head of legal in Europe departs

article-image

Plus, a Dragonfly partner shares his view on the crypto VC market, and a mining hardware firm raises $80 million

article-image

Plus, a Bored Ape burger restaurant closes, and Crypto: The Game presses on

article-image

Bitcoin scarcity is a meme, with or without the halvings

article-image

The current state of blockchain interoperability poses an existential threat to the mainstream adoption of blockchain technology as a whole