Crypto leaders bemoan US falling behind UK and other nations for crypto adoption

Lightspark CEO David Marcus said it was “disheartening and frustrating” to see the U.S. fall behind in digital assets.

The Law Commission’s recommendations,yesterday, include the creation of a distinct category of personal property to recognize and protect digital assets, the establishment of a panel of industry experts to provide guidance on technical and legal issues and the development of a bespoke legal framework for collateral arrangements involving crypto assets.

It also called for statutory law reform to clarify whether certain digital assets fall within the scope of existing financial regulations. It's “now for the UK government to decide whether it intends to take the recommendations forward," it said.from UK Prime Minister Rishi Sunak to make the country a web3 hub, with venture capital firm a16z announcing earlier this month it would open up a UK office as regulators in the U.S. continue their crypto crackdown.

Chris Dixon, a16z general partner, said the firm had"been working with policymakers and regulators across the globe, and during our discussions, it has become clear that the UK government sees the promise of web3," in aSunak is keen on providing regulatory clarity regarding how crypto businesses should register and operate in the UK.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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