U.K. Crypto Progress Unlikely to Stall after Election, Experts Say

According to industry stakeholders and experts, a U.K. election is unlikely to hinder the country’s progress in regulating the crypto sector. The Conservative Party, which has been in power since 2010, has already taken several steps towards making the U.K. a crypto hub, including introducing a Markets Bill that allows for crypto regulation by the Financial Conduct Authority (FCA). The Conservatives have also pledged to implement legislation for stablecoins and staking before the upcoming election. While there is a possibility of delays due to political turbulence, the Bank of England and the FCA have been actively working on stablecoins through discussion papers. The size of the party’s majority in the election may affect its ability to take decisions in certain areas, but both the Conservative and Labour parties appear supportive of tokenization, with the latter committing to turning the U.K. into a global hub for digital tokenization in its policy for the financial services sector. Some experts suggest that the U.K. is fortunate that digital assets have not become a political hot potato as seen in the U.S., where some lawmakers have called for a ban on certain cryptocurrencies or CBDC pilots. Overall, industry insiders predict a stable approach to financial services, regulation, and technology advancements regardless of the election outcome.