George Osborne urges urgent UK crypto adoption, warning delays in stablecoin policy risk falling behind the US, EU, and Asia
Former UK Chancellor George Osborne has raised concerns about Britain’s slow approach to cryptocurrency. He believes the UK is lagging behind the United States, the European Union, and Asia. Osborne likened this moment to the 1980s financial Big Bang reforms, which had turned the City of London into a leading global financial centre. To him, crypto sector is currently providing a similar historic opportunity. The country should, however, move fast to take advantage of it.
Osborne Pressures Reeves, BoE to Act on Stablecoins
Osborne has been a Chancellor from 2010 to 2016 and is currently a member of the Global Advisory Council of Coinbase, a major U.S. cryptocurrency exchange. Addressing a crowd, he blamed the existing Chancellor Rachel Reeves and the Bank of England (BoE) Governor Andrew Bailey. By being cautious about digital assets, he claimed that they were leaving Britain in the slow lane.
In addition, Osborne highlighted the fact that the UK is not quick enough to give retail investors access to crypto derivatives and exchange-traded notes (ETNs). These products are already offered to investors in the US and the EU. Osborne cautioned that such a delay can drive crypto-related businesses and investments abroad.
Related Reading: FCA Allows UK Retail Investors Access to Crypto ETNs from October 2025
He encouraged the Chancellor and the BoE to be quick by developing a legal framework of stablecoins. No doubt Reeves has given assurances of advancing the development of stablecoins, but Osborne is not certain what this implies on the ground. He also mentioned that Andrew Bailey was not fully convinced that commercial banks need to issue stablecoins, which might decelerate the progress even more.
Despite such concerns, Osborne made it clear that the blame cannot be put on regulators only. He said that leadership is required. He advised Reeves to take a look at how the U.S. Congress is incorporating crypto in its legal framework. Quick progress is also recorded in other regions such as Abu Dhabi, Hong Kong, and the EU. According to Osborne, Britain needs to catch up lest it wants to be left behind in the financial world.
Reeves Vows UK to Lead in Crypto Adoption
Reeves, for her part, has said she wants the UK to become the “best place” for crypto innovation. She says this will enhance the confidence of investors and the growth of fintech. Nevertheless, Osborne cautioned that it is not enough to promise. He stated that there have been numerous politicians who have talked up crypto, but next to nothing has occurred.
To make this criticism even worse, Coinbase CEO Brian Armstrong stated that the UK continues to view crypto as gambling. He referred to this as an outdated opinion. Armstrong is confident that the financial system can be updated using crypto and benefit all people. However, he also remarked that the UK is not a crypto leader yet.
These were the same concerns that Osborne had. He clarified that the retail investors in the United States were already able to purchase bitcoin exchange-traded funds (ETFs) via companies such as BlackRock. By contrast, UK investors are not permitted to do so. Although about eight million individuals in the UK have bought crypto, the companies that manage their investments operate in foreign countries.
Finally, Osborne cautioned that the UK had previously created a giant window of opportunity when the US was still cynical about crypto. However, with inaction, that window can now be closing. Britain needs to make some radical decisions before it is too late to keep its advantage in the global financial system.
