• Andrew Griffith, a UK City Minister, has remained vocal about using web3 and digital assets led by Bitcoin and stablecoins to drive forward the country’s economic growth.
• The UK has welcomed global blockchain investors especially those facing regulatory hostility in the United States led by Coinbase Global, a16z family among many others.

Popular Bitcoin (BTC) and Web3 proponent and Member of Parliament for Arundel and South Downs, United Kingdom, who also works as the Economic Secretary to the Treasury and City Minister told Blomberg that London has a better chance of attracting more fintech and blockchain investors than its competitors.

While speaking with Blomberg’s David Merritt in New York, Griffith highlighted that crypto assets are fast building London’s portfolio. Additionally, Griffith noted that there is a higher chance for London to be an honest broker in the fields of digital assets and artificial intelligence (AI) irrespective of the regime in power.

“I think cryptocurrencies build naturally on our strength in terms of things like tech and payments, technology, and clearance,” Griffith noted.

Notably, Griffith was meeting with potential web3 investors seeking to expand into the UK market amid the changing regulatory crypto market. Already, the United Kingdom has been sought after by top crypto companies including Binance, Coinbase Global, Gemini crypto exchange, and venture capitals. Moreover, the country has been pushing to attract more investors since the breakout with the European Union through the BREXIT.

Closer Look at the UK and the Crypto Regulatory Landscape

The United Kingdom government has been working to enact crypto-friendly regulations that provide institutional investors and retail traders with confidence and protection from exploitations similar to the FTX and Alameda Research implosion. Earlier this month, the HM Treasury (HMT) published a response to the consultation dubbed the Future Financial Services Regulatory Regime for Cryptoassets that reassured investors on the future of Bitcoin, altcoins, and stablecoins in the United Kingdom.

Moreover, the regulatory wall between traditional finance institutions and web3 firms has created a hostile environment in which experts think the government has to intervene.

For instance, Chase Bank UK has already banned crypto-related transactions for its customers thus preventing cash inflow to the digital asset industry. As CNF recently reported, CryptoUK through its director of operations Su Carpenter is positive that the UK government must intervene to force traditional banks to work with web3 firms. Furthermore, Su highlighted that crypto has more advantages to the UK economy than just focusing on the industry as a source of fraud.

Earlier this week, the Financial Conduct Authority (FCA) in close collaboration with the Bank of England (BoE) published a formal request from the public on its proposed approach to regulating stablecoins. According to the press release stablecoins can significantly improve the country’s retail payments by reducing the friction at scale.

“Stablecoins can enhance digital retail payments in the UK. With this comes the need to make sure there is robust and clear regulation in place. Our proposals aim to support safe innovation so that firms can understand the risks they need to manage and ensure that the public can be confident in all forms of digital money and payments,” Sarah Breeden, Deputy Governor for Financial Stability, Bank of England, noted.

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