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Its study with institutional investors and wealth managers in the US, UK, Germany, Switzerland, Singapore, Brazil, and the United Arab Emirates who collectively manage around $3.5 trillion in assets, found 41% believe regulators are very committed to introducing robust regulation while a further 55% believe they are quite committed.

They believe the US will lead the way in developing robust regulation for the sector, with 53% selecting the country as the jurisdiction with the best approach narrowly ahead of 52% picking the UK and 49% the European Union. Around 26% selected Asia while 21% believe the Middle East will lead the way in crypto regulation.

There is strong support for the US Securities and Exchange Commission's (SEC) 'regulation by enforcement' approach with 92% of those questioned agreeing it's the best way forward for the sector.

Around 90% believe recent SEC action against Coinbase and Binance will ultimately be positive for the expansion of the digital assets sector.

Institutional investors and wealth managers believe the UK and the US are the most committed to developing the digital asset markets with the ambition of becoming leading global centres for the sector. Around 54% questioned selected the UK while 50% picked the US among their top three countries.

Around 33% selected the United Arab Emirates among their top three countries while 30% picked Switzerland and 29% put Germany among its top three. Just over a fifth (21%) put Brazil in their top three and 19% chose Singapore.

Anatoly Crachilov, CEO and Founding Partner at Nickel Digital said: "Improved regulatory oversight is vital if the digital assets sector is to continue its recent strong performance and become the investment mainstream."

"It is also fantastic to see investors rate the UK as the #1 most committed country to developing the sector. Regardless of which country ultimately leads the way, the intensifying competition between various jurisdictions to create a crypto-friendly environment will ultimately boost adoption of this asset class."