According to CoinDesk, Isadora Arredondo, former official of the Financial Conduct Authority (FCA) in the UK and current Vice President of Global Policy at Hedera, stated that the slowdown in the UK's construction of a "global crypto hub" is mainly due to regulatory resources being dispersed by Brexit, pandemic response, and multiple financial crisis incidents. Isadora Arredondo pointed out that the UK is exploring tokenization through projects such as digital securities sandboxes in institutional and wholesale markets, but still relies on the old regulatory framework for approval of entrepreneurial teams and retail oriented cryptocurrency businesses, with lengthy and complex processes and a lack of specialized rules similar to the EU MiCA.
