At a time when countries around the world are shifting towards digital asset strategies, the UK has made it clear, it’s not following the crowd. During the Financial Times Digital Asset Summit in London, Emma Reynolds from the UK Treasury confirmed that the country will not copy the U.S. or the EU when it comes to creating a bitcoin reserve.
Let’s dive in detail!
While the U.S. is thinking about holding Bitcoin as part of its reserves, with a neutral budget strategy, the UK has no plans to do the same.
UK Treasury, Reynolds said, “We don’t think that’s right for our market.” Instead of focusing on Bitcoin as a reserve, the UK is exploring new ways to use blockchain. One idea is to issue government debt using blockchain technology.
A process is already underway to find a supplier for this, with results expected by late summer.
Despite rejecting the U.S. model of holding Bitcoin, the UK still values cooperation with American regulators. Reynolds mentioned a new joint working group between UK and U.S. officials focused on crypto oversight. She said both sides agree that global collaboration is key in this fast-moving space.
Reynolds also made it clear that the UK doesn’t want to copy the EU’s special crypto rules, known as MiCA. Reynolds said the UK has its way of making laws, which is more focused on outcomes rather than strict rules.
She explained that the UK plans to treat crypto companies like regular financial firms if they take on the same risks. This means, “Same risk, same rules.
Reynolds also admitted that some parts of crypto, like Bitcoin, are very hard for governments to control because they are fully decentralized. “There’s only so much we can do,” she said.
In short, the UK is choosing a balanced and practical way to manage crypto, fitting it into old rules, not creating brand-new ones.
The UK will regulate crypto firms like traditional finance firms under “same risk, same rules” principles.
Not fully—officials admit decentralized assets like Bitcoin are difficult for any government to control.
The UK and US have established a joint working group to enhance cooperation on cryptocurrency regulation and oversight.
Ripple’s native token, XRP, has just climbed to the third spot in the global crypto…
Binance co-founder and former CEO Changpeng “CZ” Zhao is threatening legal action against Bloomberg over…
On Friday, the top Democrat on the House Financial Committee, Congresswoman Maxine Waters, declared that…
The administrator of BlockFi, a cryptocurrency financial services company, has settled a $35 million crypto…
The crypto market is showing strong signs of life beyond Bitcoin. Futures Open Interest (OI)—a…
Story Highlights The live price of the Polkadot crypto token is . Polkadot price can…
