Although an exact election date has not yet been announced, it is expected to take place later this year. The Conservative party has been in power for nearly 14 years, since they were first elected in May 2010, and during that time they have taken various measures regarding cryptocurrencies. The party, which set out to make the country a crypto hub by 2022, has since introduced legislation that will ensure crypto is regulated as a financial activity by the Financial Conduct Authority (FCA).
Now they have promised to introduce regulations for stablecoins and staking by the next election. Many people believe this is an achievable goal.
Adam Jackson, policy director at Innovate Finance, emphasizes that the country needs secondary legislation to force the FCA to formally regulate crypto, including stablecoins: "He said the government would take steps in that direction. It's not an unrealizable goal. They have the necessary powers until the national elections." ."
Laura Navaratnam, UK policy lead at the Crypto Innovation Council, said the Conservative government was "absolutely" on the right track now, adding that the country's regulators, the Bank of England and the FCA, had published discussion papers on stablecoins. According to Navaratnam, "There is always some risk of delays given all the political turbulence."
As for the opposition party's plans, the Labor Party stated that it aims to make the UK a center for securities tokenization in its plan for the financial sector. Tokenization is the process of creating a digital representation of financial assets. However, Labor has yet to announce its plans to regulate crypto. The report published by the Labor Party stated that this process is only "the first stage of determining the Labor Party's vision for the future of Britain's financial services" and that details will be announced in the future.
“There is still a long time until the election, and I don't expect any more details at this point,” said Varun Paul, Fireblocks' senior director of CBDC and financial market infrastructure. “This makes me very happy because it would not be right to use crypto as an election material as it is in the USA.”
While some legislators in the US advocate banning central bank digital currency, others want the country to launch a CBDC pilot. The Labor Party stated in its report that it plans to support the Bank of England's digital pound efforts.
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