UK Treasury Confirms Rejection of National Cryptocurrency Reserve – Coincu

At the Financial Times Digital Asset Summit in London, UK Treasury Economic Secretary Emma Reynolds declared the UK will not establish a national cryptocurrency reserve. Instead, the focus is on incorporating crypto assets into existing financial regulations. This choice highlights the UK’s distinct approach from the United States.

The UK Embraces Regulatory Frameworks Over Crypto Reserves

Emma Reynolds outlined the UK’s strategy of adapting existing regulations for digital assets at the summit in London. The plans exclude adopting a national cryptocurrency reserve, unlike the United States’ consideration of such a measure for Bitcoin. This decision reinforces the UK’s cautious regulatory stance on digital assets, aiming for the “same risk, same regulation” principle.

UK’s Approach to Sovereign Debt and Distributed Ledger Technology

The UK’s plan involves exploring distributed ledger technology to issue sovereign debt by summer’s end. Reynolds emphasized the focus on regulatory framework adjustment rather than emulating the EU’s MiCA Act. Major crypto figures have not made public comments, but this direction aligns with the UK’s historical regulatory conservatism.

According to CoinMarketCap, Bitcoin’s current price is $94,601.96, reflecting a 0.52% rise in 24 hours. Its market cap reaches 1.88 trillion, while the 24-hour trading volume stands at 22.67 billion after a 13.84% decline. Coincu research indicates that UK’s strategy fosters regulatory consistency, potentially stabilizing market expectations.

“We don’t think that’s appropriate for our market.” — Emma Reynolds, Economic Secretary, UK Treasury: Coingape

UK’s Cautious Optimism and Market Implications

Did you know? The UK’s cautious approach to cryptocurrency regulation contrasts sharply with the more aggressive strategies being considered in other countries.

According to CoinMarketCap, Bitcoin’s current price is $94,601.96, reflecting a 0.52% rise in 24 hours. Its market cap reaches 1.88 trillion, while the 24-hour trading volume stands at 22.67 billion after a 13.84% decline.

This decision reinforces the UK’s cautious regulatory stance on digital assets, aiming for the “same risk, same regulation” principle.