Wirex CEO: UK taking active steps to become global crypto hub

The UK is making a concerted effort to become a global hub for virtual assets, according to an op-ed by Wirex CEO Chet Shah for CoinDesk. He praised the UK's Financial Conduct Authority (FCA) and the Bank of England (BoE) for successively announcing "groundbreaking" and crypto-friendly regulatory measures. Shah noted that the FCA has established a clear regulatory framework for crypto companies to enter and operate in the market. In addition, the Bank of England, after consulting with the industry, has abolished its previous holding limits on stablecoins for individuals and corporations. The central bank also significantly lowered the reserve requirement for issuers from 40% to 30%, a move intended to maximize commercial operational efficiency. He added that the close cooperation and forward-looking attitude of the regulators are expected to significantly lower entry barriers for both institutional and individual investors. According to Shah, the industry has welcomed these measures, viewing them as a major turning point for the UK to become a true financial leader in the global crypto market, backed by strong institutional credibility.