UK traditional financial institutions have raised potential risks related to precision, taxation and consumer protection in the face of cryptocurrency regulation. Among these concerns is that regulation will instil a false sense of trust in consumers, according to the Institute of Chartered Accountants in England and Wales. The International Regulatory Strategy Group, the advocacy group of UK traditional finance, has also said that the government’s proposal needs to be “much more precise”. HM Revenue and Customs is already consulting on a solution for taxing crypto and decentralised finance activities. While some believe the UK is lagging behind in the race to become a crypto hub, Treasury officials claim that its approach is more nimble than the EU’s Market in Crypto-Assets law.