UK May Be Missing Out On Another Crypto Wave, Warns Former Chancellor George Osborne
BY
Ben Graham
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In a warning to the UK government, former Finance Minister George Osborne said that Britain may be “left behind” in the global crypto race. According to a Financial Times report published on 4 August 2025, Osborne said, “Britain missed the first crypto wave. We can’t miss the second.”
“We became the world’s financial center because we weren’t afraid of change,” said Osborne. “On crypto and stablecoins, as on too many other things, the hard truth is this: we’re being completely left behind. It’s time to catch up.”
Osborne drew parallels to the transformative “Big Bank” of the 1980’s. He urged for immediate and decisive action to prevent the UK from missing out on what he terms “a historic opportunity in financial innovation.”
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Osborne Serves On Global Advisory Council For Crypto Exchange Coinbase
Notably, the former Finance Minister serves on the Global Advisory Council for Coinbase. He called Labour Party’s approach to digital assets “overly cautious” and sluggish. Furthermore, he argues that the regulatory inaction and bureaucratic delays are causing the UK to fall dangerously behind US, the European Union (EU) and Asian countries like Singapore, Hong Kong, Abu Dhabi.
On 4 August 2025, a Coinbase advertisement – a satire on the financial system- got banned. The UK ban was initiated by the TV Networks. Coinbase CEO Brian Armstrong took to X to say that “there are people in the UK who still think of crypto as some kind of gambling product (a very outdated view), and have completely missed the potential of crypto which is to update and improve the financial system for the benefit of everyone.”
Coinbase CEO has not only challenged the ban, but insisted that the company will continue to make similar statements. Armstrong’s post received both criticism and support, with people pointing out that “nothing better than getting banned to go viral.”
Read More: UK Minister Calls For Ban On Political Donations Made In Crypto: Says “Funding Of Democracy Is Controversial Area”
Meanwhile, UK Minister Calls For Ban On Political Donations Made In Crypto
UK Cabinet Office minister Pat McFadden recently questioned political donations made in crypto. According to a Guardian report published on 18 July 2025, McFadden, a close ally of UK Prime Minister Keir Starmer said, “The funding of democracy is often a controversial area but I think that it’s very important that we know who is providing the donation, are they properly registered, what are the bona fides of that donation.”
The UK has been introducing back-to-back crypto reforms through HM Revenue and Customs (HMRC). The government has introduced another sweeping regulatory move driven by the adoption of the Organisation for Economic Co-operation and Development’s (OECD) Cryptoasset Reporting Framework (CARF). Starting 1 January 2026, all crypto firms will have to collect and disclose detailed user and transaction data.
The Financial Conduct Authority (FCA) has also proposed a rule that would stop retail investors from purchasing cryptocurrencies using borrowed funds that includes credit cards, personal loans, and even loans from crypto-specific lenders. However, some crypto users worry that the UK ban will discourage innovation and limit market access.
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Key Takeaways
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