UK Aims to Be Global Crypto Hub by End of 2025
The UK is pushing to become a global hub for cryptocurrency, with plans to regulate Bitcoin price and other digital assets within its existing financial services framework by the end of 2025. However, it has clarified that it will not adopt a national Bitcoin reserve like the U.S.
Emma Reynolds, the Economic Secretary to the Treasury, recently addressed the Financial Times Digital Asset Summit in London. She acknowledged the challenges in regulating Bitcoin's decentralized nature but reassured that the UK's approach will focus on the 'same risk, same regulatory approach'.
The UK has decided not to follow the EU's Markets in Crypto Assets (MiCA) legislation. Instead, it aims to create its own regulatory framework that aligns with its financial services sector. To facilitate this, a regulatory forum between the UK and U.S. is scheduled for June. The UK has also established a working group with the U.S. to discuss cooperation on Bitcoin and crypto regulation, led by a 'senior official level working group' under the existing UK–US Financial Regulatory Working Group.
By the end of 2025, the UK aims to have a robust regulatory framework for Bitcoin price and other cryptocurrencies in place. This will be achieved through close international cooperation, particularly with the U.S., and a tailored approach that respects the unique nature of digital assets.
