Isabella García
Former UK Chancellor and Coinbase Global Advisor George Osborne has voiced sharp criticism over Britain’s slow adoption of cryptocurrency policies, warning that the country is in danger of losing its status as a global financial leader if it continues to hesitate on crypto regulation.
In a recent interview reported by The Financial Times, Osborne stated:
“We became the world’s financial center because we weren’t afraid of change. On crypto and stablecoins, we’re now being left behind.”
He urged the UK to take decisive action—much like the U.S., Hong Kong, Singapore, and Abu Dhabi—to establish a comprehensive crypto framework. Osborne rejected the idea that regulators are solely to blame, calling such reasoning a “lame excuse.”
Global Crypto Race: Is the UK Still in the Game?
While countries like the United States and Hong Kong are pushing forward with innovative crypto regulations—particularly around stablecoins—the UK remains reluctant and slow-moving.
For instance, Bank of England Governor Andrew Bailey expressed doubt about the viability of stablecoins, suggesting they lack the protections of traditional bank deposits and pose risks to fiat currencies.
“Stablecoins may have a role, but they’re no substitute for commercial bank money,” Bailey noted.
The UK has yet to match the EU’s MiCA regulation, or even present draft legislation for a cohesive digital asset policy. While consultations began in February 2023, no formal laws or licensing regimes have been introduced as of August 2025.
Delayed Access for UK Investors
While EU and U.S. retail investors have been trading spot Bitcoin ETFs and crypto ETNs for years, the UK only began public consultation on lifting its ban on such products in mid-2025. The actual implementation is planned for October 8, 2025, leaving British investors trailing far behind global peers.
Even more controversially, UK regulators are planning to ban retail investors from using credit cards or borrowed funds to purchase crypto—a move critics warn could drive users to unregulated shadow markets, increasing risk instead of mitigating it.
Government Promises vs. Industry Frustration
Despite the slow progress, acting Chancellor Rachel Reeves claimed in April that Britain aims to be “the best place in the world to innovate.” Treasury officials have stated their intent to create “robust” crypto rules to build investor trust and support fintech growth.
The UK is also reportedly working on a technology partnership with the United States, as part of broader trade negotiations.
However, industry leaders remain skeptical about these promises.
Coinbase Ad Ban Sparks Backlash
Osborne’s comments come amid controversy surrounding a banned Coinbase advertisement on UK television. Coinbase CEO Brian Armstrong responded strongly, accusing UK authorities of clinging to outdated perceptions of crypto.
“Some people in the UK still view crypto as gambling—it’s an outdated and harmful mindset,” Armstrong stated.
“Censorship only spreads the message further.”
Conclusion: Can the UK Catch the Crypto Train Before It’s Too Late?
With other global financial centers moving swiftly to embrace blockchain technology and crypto innovation, the UK’s cautious stance may cost it dearly. Unless the government acts quickly to introduce clear, forward-looking crypto regulations, it risks missing out on the next era of financial transformation.
