APPG Co-Chair Calls for Faster Progress on UK Crypto Framework
In a recent interview with The Banker, Lord Vaizey of Didcot, Co-Chair of the UK Parliament’s Crypto and Digital Assets APPG, supported by CryptoUK as secretariat, set out his assessment of the UK’s progress on crypto regulation and the need for faster delivery of a comprehensive framework.
Lord Vaizey said that while the UK has made “good progress in a number of areas”, it still lacks a fully developed regime for crypto and digital assets. According to Lord Vaizey, industry is ready to contribute to growth and innovation, but needs “consistent, co-ordinated rules” to do so effectively. He added that the absence of clear and competitive rules has created uncertainty for firms and investors.
On stablecoins, Lord Vaizey highlighted the scale of the global market, noting that it is currently worth around $288 billion and could grow to more than $1.2 trillion by 2028. He described this as a significant opportunity for the UK and said that the next two years should focus on delivery, with government and regulators working together to provide certainty for businesses and confidence for investors.
He also addressed some of the barriers facing firms operating in the UK. While emphasising that the UK has the talent, expertise and infrastructure to lead in digital finance, he said progress has been slower than in other jurisdictions that have introduced clearer frameworks. He pointed specifically to slow licensing processes and difficulties accessing basic banking services as fundamental obstacles to growth and investment. He highlighted that as of May 2025, only 51 firms had been authorised to operate in the UK crypto market, adding that these challenges are contributing to some companies relocating overseas and increasing the risk that UK consumers engage with unregulated markets.
Looking ahead, Lord Vaizey pointed to the Labour government’s intention to introduce legislation for a crypto and stablecoin regime later this year. He said that political commitment now needs to be matched by timely implementation, with government and regulators prioritising action to move the framework forward.
Click here to read the full interview in The Banker.
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