Figures in the UK blockchain industry have pointed out that power struggles between regulatory bodies are hindering the industry's overall efforts to establish the UK as a 'crypto hub'. In this regard, Jonny Fry, CEO of UK crypto research firm TeamBlockchain, stated in an interview with CoinDesk, "The Treasury is pushing for the enactment of regulatory laws, the Financial Conduct Authority (FCA) is pursuing the public issuance of stablecoins, and the Bank of England is promoting the introduction of a digital pound. Their respective authorities and approaches differ, causing uncertainty in policy implementation and increasing administrative friction. As a result, blockchain companies are leaving the UK, with Deribit, the world's largest cryptocurrency options exchange, being a prime example," he explained.
