Report on Cryptoasset in the United Kingdom
Emma Reynolds, Economic Secretary to the UK Treasury, emphasized that the United Kingdom has no plans to follow the United States in establishing a national cryptoasset reserve. At a conference in London, Reynolds stated that although the UK and the US have a high-level working group to collaborate on digital asset regulations, the UK leans towards integrating cryptoassets into the existing financial legal framework, following the principle of "same risk, same regulation".
The United Kingdom is exploring the use of Distributed Ledger technology to issue public debt. A technology provider is expected to be selected by the end of summer. Reynolds also confirmed that the UK will not copy the EU's MiCA Law's specific legislative model, but will adjust existing regulations based on outcomes.
For decentralized assets like Bitcoin, Reynolds acknowledged that there are limitations in management, and the government can only intervene within a narrow scope. This content is only intended to provide market information and is not investment advice.
