Consensys: The FCA's "harsh" regulation may cause the UK to lose its position as a Crypto Assets hub.

PANews reported on October 23 that the UK's cryptocurrency regulatory environment sparked heated discussions at the Zebu Live conference in London this week, with widespread dissatisfaction in the industry over the lack of a clear framework and slow regulatory progress. Bill Hughes, Senior Legal Advisor at Consensys, expressed strong concerns that the Financial Conduct Authority (FCA) would continue to “hit hard” on cryptocurrency regulation, arguing that this has caused the UK to lose its status as a cryptocurrency hub to the US. He noted that viewing all crypto assets as financial instruments and applying all rules would severely hinder the UK's competitiveness. He pointed out the significant differences in cryptocurrency regulation between the UK and the US: the US seeks to provide development space for blockchain technology, while the UK focuses on risks and uncertainties, emphasizing that supporting innovative policies is the wise choice. When asked what kind of framework would best support blockchain innovation in the UK, he cited the US as an example, mentioning its recent passage of federal stablecoin legislation and ongoing efforts in market structure.