According to CoinDesk, the Labor Party won an overwhelming victory in the British general election on Thursday (4th), ending the Conservative Party’s 14-year rule. Labor Party leader Keir Starmer will become the new British Prime Minister. The direction of his legislative plan to regulate cryptocurrency is still unclear, but the Labor Party has stated that it will advance the work of clarifying laws related to tokenization.
Labor has reportedly won more than the 326 seats needed to become a majority party in the House of Commons, with 388 seats. According to BBC predictions, Labor could win 410 seats to the Conservatives' 144. Neither Labor nor the Conservatives mentioned the cryptocurrency industry in their pre-election manifestos. Labor focuses on the economy, policing and the National Health Service.
"Change starts now," Schkel said in his victory speech earlier on Friday. "Four and a half years in the making, this is what transforming the Labor Party is about: a reformed Labor Party ready to serve our country, ready to rebuild." Britain, for working people."
"Election victories don't fall from the sky, they're hard won and hard fought for, and this one could only be won by a changed Labour Party," Keir Starmer says"Today we start the next chapter," he add#BBCElectionlive https://t.co/hrQmP5rDec pic.twitter.com/WTXb9qdimC
— BBC Breaking News (@BBCBreaking) July 5, 2024
British Prime Minister Rishi Sunak has admitted defeat and apologized to supporters. In his concession speech, he said, "Tonight, the British people have made a sobering verdict" and he will be responsible for the Conservative Party's defeat in the general election.
Cryptocurrency policy
The Conservative Party has a clearer stance on cryptocurrencies due to its long time in power. The party has said it wants to make the UK a cryptocurrency hub and introduce legislation to treat cryptocurrencies as a regulated activity. The Labor Party has stated that it will support the Bank of England’s digital pound plan. The Bank of England will decide whether to issue a central bank digital currency (CBDC) in 2025-2026. Before this can happen, the UK Parliament needs to approve corresponding legislation.
In January this year, Labor released a financial services plan that included making the country a center for securities tokenization by “promoting work to clarify the laws around tokenization.”
Ahead of the UK election, members of the cryptocurrency community told CoinDesk that Labor has more work to do, including passing necessary regulations identified by previous governments and strengthening guidance on cryptocurrency industry publicity matters.
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