Labour UK Election Win May Not Derail Conservative Crypto Plans
The upcoming UK election is swaying towards Labour, but likely won’t change the trajectory of the Conservative’s crypto legislation efforts.
Since it was elected in May 2010, the Conservative Party has implemented measures to foster a positive crypto environment.
In 2022, Rishi Sunak announced the vision for UK Crypto in the global financial market. The intention was to make the UK a “global hub for crypto assets technology.”
Something that the UK has since been working towards. In June 2023 UK parliament voted to recognize Crypto as a financial instrument, allowing it to be regulated by the Financial Conduct Authority (FCA).
In February 2024 parliament planned to get lawmakers’ approval for legislation to facilitate the introduction of stablecoins and staking, aiming to enact it by mid-2024.
This is believed to be a realistic goal before the upcoming election. Although, the specific date of the election has yet to be announced.
The country’s regulators, including the Bank of England and the FCA, have been proactive by releasing discussion papers on stablecoins. This indicates the Conservative government is on track to implement regulation.
Economic Secretary Bim Afolami confirmed this progress during a Financial Times Crypto and Digital Asset Summit. He said:
“What I’m very confident we’ll be able to achieve is the secondary legislation around staking and stablecoins. Those two things are absolute priorities in the coming weeks and months.”
The UK’s recent local election witnessed a notable surge in support for the Labour Party, resulting in significant setbacks for the Conservatives.
Labour gained 186 seats out of a total of 1,158, while the Conservatives lost 474 seats, as per BBC data.
However, Labour is expected to continue
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