The United Kingdom must accelerate Web3 regulation or lose global talent, says Lord Holmes

Source: Yellow Original Title: The UK Must Accelerate Web3 Regulation or Risk Losing Global Talent, Says Lord Holmes

Original Link: https://yellow.com/es/news/el-reino-unido-debe-acelerar-la-regulación-de-web3-o-perderá-talento-global-afirma-lord-holmes The UK is at risk of losing Web3 and gaming talent to foreign jurisdictions if it does not provide a clearer and more favorable regulatory framework, according to a prominent British legislator who warned that regulatory inertia could undermine the country’s ambitions to become a global tech hub.

What has happened

In a House of Lords roundtable on decentralized digital economies and UK growth, Lord Chris Holmes stated that the government must act more quickly to establish “the right regulatory landscape” and ensure that Web3 innovators choose to develop in the UK, especially in the gaming sector, which he described as a significant growth opportunity for the economy.

He added that the country operates in a “globally competitive environment” and warned that unclear regulation risks pushing talent elsewhere.

“Imagine what we could do in terms of gamers, builders, developers, and connectors if we had truly meaningful and practical digital inclusion,” he said, adding that the UK is “in an excellent position because we have a strong tech ecosystem, not only in London but across the four nations of the UK, with great creators and enormous potential.”

Lord Holmes highlighted gaming as a key pillar of future economic growth, arguing that Web3-enabled gaming could support job creation, skills development, and broader participation in the digital economy.

“We have a huge opportunity with gaming to turn it into an expanding part of our economy,” he said. “It’s an incredible growth area. People can empower themselves, learn, get involved, and be part of numerous companies. They can drive economic benefits and earn while playing.”

Why it matters

However, he warned that inaction would have direct economic consequences.

“The other side of the coin is that if we don’t get involved, people disappear, and a huge part of the economy falls behind,” Lord Holmes said.

These statements come as the UK prepares to finalize a regulatory framework for crypto assets early next year. At the same time, Prime Minister Sir Keir Starmer has repeatedly outlined his plans to turn the UK into a “superpower” of AI and technology, placing the digital sector at the center of the government’s economic growth strategy.

Lord Holmes stated that these ambitions must be supported by laws that facilitate innovation rather than hinder it. “We have a government that constantly talks about economic growth, and that’s good, but if you’re going to talk about that, you need to pass laws that enable and enhance that growth agenda,” he said.

He rejected the idea that regulation and innovation are mutually exclusive. “We need to destroy the myth that you can only have innovation or regulation, but not both. That’s complete nonsense,” Lord Holmes affirmed.

“Regulation with the right dimension is good for everyone. Well-thought-out regulation, based on principles, that does exactly what it needs to do and nothing more, is the answer.”

Lord Holmes pointed out that with the right approach, the UK could scale entire digital ecosystems rather than lose ground to international competitors. “We could be expanding entire ecosystems: it’s a globally competitive environment,” he said.

Lord Holmes, a nine-time Paralympic gold medalist, has been a member of the House of Lords for 12 years and has been deeply involved in digital policy, including work in fintech, financial inclusion, and legislation related to technology.