The UK is right to keep faith in crypto

It will be a charter for fraudsters. It will usher in an open-season mindset for money launderers and criminals. And it will drag down the reputation of the City. There will be plenty of critics of today’s government decision to push forward with a regulated cryptocurrency market in London. In the wake of the FTX scandal, one of the largest in corporate history, many would rather see it banned completely. But crypto is more resilient than that – and the UK, if moves quickly, it can carve out a lucrative space as its leading hub. 

No one could accuse Rishi Sunak or Jeremy Hunt of taking any risks with the British economy. Nor have the Prime Minister or Chancellor shown much interest in boldly re-inventing the country’s business model. So long as the pound is not in freefall, they seem to feel they have done enough. Even so, they may finally have found at least one reform that, at the margins, shows some signs of radicalism.