UK May Be Missing Out On Another Crypto Wave, Warns Former Chancellor George Osborne

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.”

In case you hadn't noticed – the world is moving forward on crypto and digital assets, (esp among banks & financial institutions.)

Britain (sadly) isn't keeping up.

Former UK Chancellor @George_Osborne is right…

…it's time to kick into high gear.

Besides – if Osborne had… pic.twitter.com/Wu3w18P4aQ

— Ian Simpson (@ian_simpson80) August 4, 2025

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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took to X to say that “there are people in the UK who still think of crypto as some kind of gambling product (a very outdated view), and have completely missed the potential of crypto which is to update and improve the financial system for the benefit of everyone.”

Our ad which got banned in the UK by the TV networks has sparked quite a reaction. If you can’t say it, then there must be a kernel of truth in it.

Needing to update the system and improve society is not a political statement on either party in the UK (some have tried to turn it… https://t.co/VJqyYnnI2W

— Brian Armstrong (@brian_armstrong) August 3, 2025

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.”

Nothing better than getting banned to go viral

The message about UK falling behind is painfully accurate – we're not even in the conversation for major settlements anymore.

How's the response been so far?

Well played

— Liz Towler (@LizTowler) August 4, 2025

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

According to George Osborne, Britain risks not only missing out on the immense economic benefits of the digital asset revolution—including jobs, investment, and tax revenues—but also undermining its overall competitiveness in the global financial services sector.

At the heart of Osborne’s argument is the belief that the current shift towards digital finance represents a pivotal moment, similar to the deregulation of London’s financial markets in the 1980s.