Consensys: UK FCA's "tough" regulation could cost the country its cryptocurrency hub status

PANews reported on October 23rd that, according to The Block, the UK's cryptocurrency regulatory environment sparked heated debate at the Zebu Live conference in London this week, with widespread industry dissatisfaction with the lack of a clear framework and slow regulatory progress. Consensys Senior Legal Counsel Bill Hughes expressed strong concerns that the UK Financial Conduct Authority (FCA) would continue to crack down on cryptocurrency regulation. He believes this would cause the UK to lose its position as a cryptocurrency hub, allowing the US to gain an advantage. He also believes that treating cryptocurrencies as financial instruments and applying all regulations would seriously hinder the UK's competitiveness. He pointed out that there are significant differences between the UK and the US in cryptocurrency regulation: the US hopes to provide space for the development of blockchain technology, while the UK focuses on risk and uncertainty, and believes that policies that support innovation are the wisest choice. When asked what framework would best support blockchain innovation in the UK, he cited the US as an example, citing the recent passage of federal stablecoin legislation and ongoing work on market structure.