George Osborne Warns UK Risks Falling Behind in Global Crypto Race

In an op-ed for the Financial Times , Osborne criticized the Labour government and the Bank of England for what he described as a slow and indecisive response to digital assets , contrasting it with rapid regulatory progress in the US, EU, Singapore, Hong Kong, and Abu Dhabi.

Osborne, who served as Chancellor from 2010 to 2016, compared the current moment to the “Big Bang” financial reforms of the 1980s that transformed London into a global financial hub. He argued that crypto and stablecoins require the same level of bold policy action.

“The chancellor says she’ll ‘drive forward’ on stablecoins, whatever that means,” Osborne wrote, dismissing what he sees as vague promises from Chancellor Rachel Reeves. He also called out Bank of England governor Andrew Bailey, warning that their cautious stance could leave the UK “completely left behind.”

Osborne highlighted the US, where politicians, including President Donald Trump, have openly embraced pro-crypto policies. He urged the UK government to follow suit by establishing clear legislation instead of deferring responsibility to regulators.

“We became the world’s financial centre because we weren’t afraid of change,” he said. “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.”

Britain missed the first crypto wave. We can’t miss the second | opinion

— Financial Times (@FT) August 4, 2025

His comments come as the UK Home Office unveils a proposal to ban ransomware payments by public sector bodies and operators of critical national infrastructure. The proposed policy would extend an existing ban on government departments paying ransoms to include health services, local councils, and energy providers in a bid to undermine the profitability of cybercrime.

These developments add further urgency for the UK to clarify its stance on digital assets while addressing the broader cybersecurity risks tied to the evolving financial landscape.

 

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