The United Kingdom is in danger of losing out in the race to establish itself as a global cryptocurrency centre, leading industry execs have told. Since last year, the UK government has pursued an agenda to make their country the home base for the crypto industry. Ambitious progress has largely been a pipe dream, leaving the UK behind the race with other countries.

Meanwhile, across the Atlantic, the UK launched public consultations on detailed draft legislation to establish the industry as early as 2023. Executives are calling on the new government to speed up its plans to deliver regulatory clarity and promote innovation.

The innovation space in stablecoins is filled with opportunities. In fact, Standard Chartered recently announced that it could reach $2 trillion in just three years’ time! The UK’s prospects to benefit from such growth depend on how quickly a clear and positive regulatory environment can be developed.

"Other jurisdictions have started to seize the opportunity." - Cassie Craddock, managing director of Ripple

Funding Circle CEO Lisa Jacobs said disrupters are doing great things here in the United States and we are winning in the innovation space right now. She does think that the UK has the right ingredients to make it a top global crypto hub.

Mark Fairless, chief executive of ClearBank, vented his exasperation at the absence of regulatory certainty. This uncertainty has frozen his company’s plans to issue its own stablecoin. This underscores the real world consequences that the regulatory hold-ups have had on businesses trying to operate legitimately in the crypto ecosystem.

Jaidev Janardana, CEO of Zopa, points out that other countries and continents have seen incredible creativity. He cites Singapore and Hong Kong as poster children for this quick advance.

"If I look at the speed of innovation, I do feel that the U.S. is ahead — although they have their own challenges. But look at Singapore, Hong Kong — again, you see much more rapid innovation." - Jaidev Janardana, CEO of Zopa

Keith Grose, Coinbase’s UK head, further praised the UK’s advancements.

"I think the U.K. will get it right — but there is a risk if you get it wrong that you drive innovation to other markets." - Keith Grose, Coinbase's UK head