Are attempts to boost vaccine takeup genuine policies or PR stunts? Something strange seems to be going on in government
Something strange seems to be going on in the Conservative government.
Recent weeks have seen ministers announce mandatory vaccination to enter nightclubs, speak supportively of businesses that demand workers are jabbed and moot the idea of barring students from university who’ve not been inoculated.
Novel developments for members of the self-professed “freedom-loving” party.
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The question being asked in Westminster is whether this is genuine policy – or just a PR stunt.
“There’s a lot of attempts to drive vaccine uptake and lots of concepts being mooted subtly or not so subtly with no real intent behind them,” said one Whitehall official.
Conservative MPs agree, with several telling Sky News earlier this week they didn’t think plans to restrict access to nightclubs and other events would ever materialise.
One of the proposals has already been shelved, with the government announcing this weekend there are now no plans to use the COVID pass for access to learning.
Education Secretary Gavin Williamson is understood to have made clear there would have been legal implications and potentially little benefit, given polling shows a vast majority of students say they will have the jab.
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But the fact these ideas are even being suggested is enough to drive some backbenchers potty.
Several MPs have already said they won’t be attending this year’s party conference if they are forced to show their vaccination status.
Others worry about sailing too close to compulsory vaccination and the ethical implications of a heavy-handed approach.
“It was wrong-headed and should have been done by carrots,” says one senior backbencher of the plan for universities.
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Those carrots now appear to be sprouting, with companies like Uber and Deliveroo offering discounts to customers who get vaccinated.
Scientists say these approaches are not without risk, but still avoid many of the problems of the negative incentive “stick” strategy.
“They are less likely to lead to perceptions of compulsion and generate a process of ‘reactance’ where people resist in order to reassert their autonomy,” said Professor Stephen Reicher, an advisor to the government on public behaviour.
But as well as the societal impact, there’s also a business impact.
Those in hospitality say Health Secretary Sajid Javid’s initially bullish tone on reopening led to share price boosts and funds flowing in.
Speculative stories about COVID passports disrupt that, with a single front page story potentially undoing weeks of growing confidence.
The calculation in government may be that the longer-term benefit of high vaccine uptake to the economy and society is worth any short-term bumpiness.
But some, like Professor Reicher, worry that neither the carrot nor the stick will be sufficient on their own.
“What is critical is to show people that the authorities are of the community and acting for the community,” he said.
“That is why processes of engagement are generally much more effective than processes of incentivisation.”
Stablecoin issuer Circle has secured regulatory approval to operate as a financial service provider in the Abu Dhabi International Financial Center, deepening its push into the United Arab Emirates.
In an announcement Tuesday, Circle Internet Group said it received a Financial Services Permission license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi. This allows the stablecoin issuer to operate as a Money Services Provider in the IFC.
The USDC (USDC) issuer also appointed Saeeda Jaffar as its managing director for Circle Middle East and Africa. The new executive also serves as a senior vice president and group country manager for the Gulf Operation Council at Visa and will be tasked with developing the stablecoin issuer’s regional strategy and partnerships.
Circle co-founder, chairman and CEO Jeremy Allaire said that the relevant regulatory framework “sets a high bar for transparency, risk management, and consumer protection,” adding that those standards are needed if “trusted stablecoins” are going to support payments and finance at scale.
Related: Abu Dhabi Investment Council triples stake in Bitcoin ETF in Q3: Report
Abu Dhabi awards a wave of licenses
The ADGM has recently awarded licenses for financial operations to a wave of crypto companies. Earlier this week, Tether’s USDt (USDT) — the largest stablecoin by circulation and Circle’s top competitor — secured a regulatory milestone in Abu Dhabi’s international financial center, as did Ripple’s dollar-pegged stablecoin Ripple USD at the end of November.
On Monday, crypto exchange Binance was granted three separate licenses from Abu Dhabi’s financial regulator, allowing it to operate its exchange, clearing house and broker-dealer services. This followed its competitor Bybit receiving regulatory approval in the UAE in early October.
Related: HSBC to bring tokenized deposits to US and UAE as stablecoin race heats up
UAE bets on crypto
The Central Bank of the UAE has been actively reviewing its cryptocurrency regulations. In November, it introduced rules for decentralized finance (DeFi) and the broader Web3 industry.
The newly introduced Federal Decree Law No. 6 of 2025 brings DeFi platforms, related services and infrastructure providers under the scope of regulations if they enable payments, exchange, lending, custody, or investment services, with licenses now required. Local crypto lawyer Irina Heaver said that “DeFi projects can no longer avoid regulation by claiming they are just code.”
Heaver told Cointelegraph at the end of 2024 that during that year the country cemented its status as a global crypto hub.
In October 2024, the UAE exempted cryptocurrency transfers and conversions from value-added tax, just a month after Dubai’s digital asset regulator announced stricter rules on crypto marketing. Around the same time, local free economic zone Ras Al Khaimah Digital Assets Oasis was also working to introduce a legal framework for decentralized autonomous organizations.
Local regulators were not shy about enforcing the rules, with Dubai’s Virtual Assets Regulatory Authority cracking down on seven unlicensed crypto businesses, issuing fines and cease-and-desist orders.
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Crypto companies seeking a US federal bank charter should be treated no differently than other financial institutions, says Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC).
Gould told a blockchain conference on Monday that some new charter applicants in the digital or fintech spaces could be seen as offering novel activities for a national trust bank, but noted “custody and safekeeping services have been happening electronically for decades.”
“There is simply no justification for considering digital assets differently,” he added. “Additionally, it is important that we do not confine banks, including current national trust banks, to the technologies or businesses of the past.”
The OCC regulates national banks and has previously seen crypto companies as a risk to the banking system. Only two crypto banks are OCC-licensed: Anchorage Digital, which has held a charter since 2021, and Erebor, which got a preliminary banking charter in October.
Crypto “should have” a way to supervision
Gould said that the banking system has the “capacity to evolve from the telegraph to the blockchain.”
He added that the OCC had received 14 applications to start a new bank so far this year, “including some from entities engaged in novel or digital asset activities,” which was nearly equal to the number of similar applications that the OCC received over the last four years.
“Chartering helps ensure that the banking system continues to keep pace with the evolution of finance and supports our modern economy,” he added. “That is why entities that engage in activities involving digital assets and other novel technologies should have a pathway to become federally supervised banks.”
Gould brushes off banks’ concerns
Gould noted that banks and financial trade groups had raised concerns about crypto companies getting banking charters and the OCC’s ability to oversee them.
Related: Argentina weighs letting traditional banks trade crypto: Report
“Such concerns risk reversing innovations that would better serve bank customers and support local economies,” he said. “The OCC has also had years of experience supervising a crypto-native national trust bank.”
Gould said the regulator was “hearing from existing national banks, on a near daily basis, about their own initiatives for exciting and innovative products and services.”
“All of this reinforces my confidence in the OCC’s ability to effectively supervise new entrants as well as new activities of existing banks in a fair and even-handed manner,” he added.
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