According to Odaily Planet Daily, industry stakeholders said that the UK general election will not undermine the country's progress in regulating the crypto industry. The ruling Conservative Party has been in power for nearly 14 years since it was first elected in 2010 and has introduced a series of crypto measures. The party plans to make the country a cryptocurrency center in 2022 and has introduced a market bill that will enable cryptocurrencies to be regulated as a financial activity by the Financial Conduct Authority (FCA).
Now, the Conservatives have promised to introduce legislation for stablecoins and investments in the coming weeks - before the next election. Many believe this is a realistic goal. Adam Jackson, policy director at Innovate Finance, said the country needs secondary legislation to formally authorize the FCA to regulate cryptocurrencies, including stablecoins. Laura Navaratnam, head of policy at the UK Cryptocurrency Innovation Committee, also believes that the Conservative government is "definitely" on the right track at the moment.
