According to CoinDesk, the UK general election will be held on July 4, and polls show that the emergence of a new Labour government is almost inevitable. Over the past 15 years, the UK's crypto ecosystem has developed steadily under the leadership of almost all Conservative governments. So, what does this change in leadership mean for the future of cryptocurrency?

Prior to the election announcement, the industry had become accustomed to a government that had generally understood and supported cryptocurrencies in recent times. In 2022, John Glenn, the UK Treasury’s economic secretary, pledged to make the UK a global hub for crypto asset technology. This vow was repeated by his successor Andrew Griffiths in 2023 and more recently Bim Afolami, who urged regulators to be careful when regulating the crypto industry to ensure that its success is not “undermined.”

Now, with Labour at 41% in the polls, we are just days away from a complete change in the Conservative Party's 14-year leadership. Labour released its manifesto two weeks ago, which did not mention digital assets or anything related. Even more surprising, it did not mention financial services. We can only assume that Labour has not yet formed a position on cryptocurrencies and blockchain technology, but this needs to change quickly.