(Bloomberg) -- The UK must make moves over the next couple of months or it will lose its chance to take the lead on crypto, the country’s former Chancellor of the Exchequer Philip Hammond warned. “It isn't too late for us to catch up and recover, but we are getting very close to the point where it will be too late.” Speaking to David Merritt and Francine Lacqua, Hammond said progress has been slow in setting clear regulation on the crypto industry. The former politician, who stepped down in 2019, is now a senior adviser to Copper.co, a London-based crypto custodian and trading services provider.

As cryptocurrencies recover from last week’s rout, this week's episode of "In The City" tackles the UK's attempt at becoming a global crypto hub  and whether it is too far behind to catch up in such a fast-moving industry. In addition to their conversation with Philip Hammond, David Merritt and Francine Lacqua speak with Bloomberg crypto reporter Emily Nicolle, who discusses the history of crypto regulation in the UK. Bloomberg personal finance reporter Charlie Wells tells the story of addiction specialists offering treatments for compulsive crypto traders.

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