UK Policymakers Discuss Learning from Other Countries' Digital Asset Regulation

According to Blockworks, UK policymakers discussed the importance of learning from other countries' successes and failures in digital asset regulation during a panel discussion at the Blockworks Digital Asset Summit in London. Lord Chris Holmes, a member of the UK House of Lords, and Dr. Lisa Cameron, a Member of UK Parliament, emphasized the need for clear and effective innovation in the regulatory space. They believe that the UK has a unique opportunity to lead the digital revolution by observing the European Union's (EU) Markets in Crypto-Assets Regulation (MiCA) framework and the United States' regulatory landscape. The EU's MiCA framework, passed by the European Parliament in 2023, is considered one of the most comprehensive policy packages for crypto in the world. However, it still leaves some gaps, such as the lack of regulations around decentralized finance (DeFi). Brian Quintenz, global head of policy at a16z Crypto, suggested that jurisdictions that understand and create thresholds of decentralization will attract innovation. Lord Holmes agreed, stating that regulation should not be feared if done correctly. Both Lord Holmes and Dr. Cameron expressed optimism about the future of crypto regulation in the UK and emphasized the importance of working together to enable legislation that promotes inclusion and innovation.