Labour Party Wins UK Election, What It Means For Crypto? đš
Crypto market analysts speculate that the new Labour Party government might focus on adopting central bank digital currencies (CBDCs) and securities tokenization.
The Labour Party has registered a landslide victory in the UK general elections while ousting Rishi Sunakâs conservative party from office for the first time in 14 years. UKâs crypto community is eagerly waiting as to whatâs in store for them regarding the regulatory policy and other decisions.
We expect the change to come to the UKâs local crypto market as well. Alike the United States, crypto firms in the UK have been facing the brunt of unclear regulatory policies which have held them back from undertaking major decisions.
The former Conservative government was preparing to undertake regulatory steps for crypto this month in July. However, newly elected Prime Minister Keir Starmer might take more time to grasp the countryâs crypto landscape.
The departure of crypto-friendly MPs, such as Lisa Cameron, may result in a shortage of advocacy within the government. Even if the Labour Party shows a positive approach towards crypto, the community is awaiting more concrete commitments from the government. The UK voters have already shared their concerns in this regard.
Traditional market players like WisdomTree are also making a move by filing crypto ETPs earlier in May.
Will the Labour Party Follow The USâs Footsteps in Crypto Decisions?
Unlike what weâre seeing in the US, crypto wasnât at the center stage of debates in the current UK elections. Laura Navaratnam, U.K. policy lead at the Crypto Council for Innovation, said That the Labour Partyâs manifesto âreferenced a kind of pro-competition environmentâ.
âIt talked about the role of regulators, but all in a broader context. So still, nothing on crypto. But on the plus side, they havenât said anything negative either,â she added.
