UK to Challenge US Crypto Dominance
This month, the UK government will present targeted regulatory proposals to create a favorable environment for crypto startups in the United Kingdom.
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This month, the UK government will present targeted regulatory proposals to create a favorable environment for crypto startups in the United Kingdom.
The UK plans to introduce two new laws: one focused on stablecoins (crypto tokens backed by assets like the US dollar) and another excluding staking services from current financial regulations to ease the way for PoS (Proof of Stake) projects.
According to Crunchbase, the UK hosts 873 registered crypto companies.
Top 5 Crypto Companies Registered in the UK. Source: crunchbase.com
By implementing these changes, the UK seeks to challenge the US’s dominance in the crypto market. This initiative comes in the wake of Donald Trump’s recent election win.
The UK aims to retain startups that might consider relocating to the US or other countries with clearer, more favorable regulations.
As we previously reported, Trump promised to make the US the world’s crypto capital, dismiss SEC Chair Gary Gensler, and establish a strategic BTC reserve.
Related: Trump’s Victory: The Impact on Crypto Explained
This legislation was initially expected in the summer of 2022 when former UK Prime Minister Rishi Sunak announced plans to attract digital asset businesses and make the UK a global crypto hub.
However, the new Labour government under Keir Starmer paused the rollout of this initiative.
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