The competition between the UK and EU to lure crypto business has stepped up a notch after Britain unveiled a slate of new rules for regulating the industry months after Brussels finalised sweeping rules to regulate digital assets.
The UK on Wednesday unveiled sweeping proposals that would pull large swaths of the crypto industry into the type of regulatory regime that applies to traditional financial institutions and assets.
The slate of new rules are one of the clearest signs yet of how the government is keen to bring digital assets business to the City of London, but industry participants and analysts say the ambitions face steep competition from the EU-wide Markets in Crypto-assets (Mica) regulation that was finalised last summer.