The UK must "move faster" in establishing clear regulations for stablecoins and tokenized assets in order to avoid falling behind other jurisdictions, according to Kraken UK Managing Director Bivu Das.
Speaking at the Zebu Live conference, Das praised the UK's consultative regulatory approach but warned that the current pace risks stifling innovation.
He pointed to the success of Kraken's "xStocks" product in the EU, which is not yet available in the UK and already attracts millions in daily net inflows, as a key example of what the British market is missing.
Das said that although interest in crypto regulation briefly increased under the previous Conservative government, the process stalled after the 2024 snap election and now needs to be restarted under the new Labour administration.
He added that Kraken continues to work with UK government agencies to promote education about digital assets.