- Upcoming UK Elections will not have an effect on the crypto sector of the country.
- The Labour party is expected to introduce a tokenized regime in the event of winning.
The UK elections scheduled to happen later this year, are expected to maintain currents in the crypto sector. Industry stakeholders and Government officials have made statements on the UK’s approach to crypto.
Amidst the crypto tug-of-war in the US Elections, the UK has steered clear of controversies. The country has progressed in crypto regulations and is also working on the ‘digital pound’. Stakeholders believe that the elections will not alter any crypto plans, while the approach that will be taken is yet to be determined.
Conservative vs. Labour
The ruling conservative party had stated that it wanted to make the UK a crypto hub in 2022. Since then the country has seen multiple advancements including the passing of a market bill that recognized stablecoins and cryptocurrency as regulated financial activity.
Moreover, the government announced plans to update regulations in 2024. Subsequently, this year saw improved authorizations and new rules as the Regulations landscape evolved. The Conservative party has also announced the issuance of legislation for stablecoins and staking.
The Labour Party which is currently in people’s favour has also made significant announcements regarding tokenization. It stated that it would be advancing toward making the country a ‘securities tokenization hub’. This is believed to be one of the announcements and more information on the Labour Party’s approach to crypto is expected.
The UK Crypto Sector to Evolve Irrespective of the Regime
Lawmakers and stakeholders expect steady progress in the crypto sector regardless of the Elections’ outcome. The two dominant parties have shown sufficient interest in the potential of cryptocurrency and intend to make the UK a hub for cryptocurrency.
However, for the past few weeks, the crypto market has struggled to maintain prices with increased volatility. Analysts are expecting a change to a bullish trend in the coming months.
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