Several countries have announced multibillion-dollar plans to build out the world’s crypto hub, but five of the world’s financial centers stand out. In 2023, then-Prime Minister Rishi Sunak launched a bold vision to make the UK a global crypto hub, pushing for stablecoins to be recognized as regulated payment instruments and outlining a broader framework to integrate crypto into the country’s financial system. The Financial Conduct Authority (FCA) is now consulting on how to regulate intermediaries, lending and other core parts of the ecosystem, signaling continued regulatory development. But while the machinery of regulation keeps turning, the political will has cooled. As Arvin Abraham, partner at Goodwin’s private equity group, told Cointelegraph, crypto was once central to Sunak’s competitiveness agenda, but under the current Labour government, that focus has faded. “The UK does not feel like it’s prioritizing it as much as it was a few years ago,” Abraham said.