The UK Government Must Act Now to Capitalise on Cryptoassets and Distributed Ledger Technology

The UK Government Must Act Now to Capitalise on Cryptoassets and Distributed Ledger Technology

The ' Cryptoassets: Shaping UK regulation for innovation and global leadership ' report urges policymakers to use the UK's newly acquired regulatory freedom and nimbleness to steal a march on global competitors and drive future innovation and competitiveness. The report also stresses the need to strike a balance between encouraging innovation, protecting consumers, and providing regulatory clarity, while also ensuring legislation is proportionate and takes a technology-neutral approach. "There is a fierce global race underway to see which applications of DLT and cryptoassets will win out, and who will grab the biggest slice of the value they promise,“ comments Miles Celic , Chief Executive Officer, TheCityUK. "The ultimate winner is for markets to decide, but government and regulators have an important part to play. They must set safe and robust rules for this burgeoning sector - while ensuring they don't inadvertently squash good ideas before they can mature and flourish.“ "The UK has a great track record in supporting innovation with regulation,“ Miles continues. " Its regulatory fintech sandboxes, for example, have been copied around the world . Now we need to show similar vision and nimbleness in our regulatory approach to cryptoassets.“ Cryptoassets and stablecoins have been rapidly increasing