At least one industry leader suggested that crypto policy in the United Kingdom would be “business as usual” despite the change in government.
The Labour Party will be the primary ruling party of the United Kingdom’s government after a landslide victory on July 4. Though party leadership has rarely made crypto and blockchain part of its official position, advocates have called for the new government to continue the work it started under the Conservatives.
As of July 5, U.K. election results showed that Labour won 412 seats in the 650-seat House of Commons while the Conservatives would likely win 122 seats — a drop of roughly 250, pushing them out of leadership. Now former Prime Minister and Conservative Party leader Rishi Sunak has already resigned as Labour leader Keir Starmer prepares to become the next head of government.
Before the announcement of the general election, the U.K. government expected to introduce a regulatory framework for cryptocurrencies and payment stablecoins in July. Many experts have suggested that such plans could be delayed by months, with the House of Commons in recess following the announcement and another scheduled for summer before party conference season begins in autumn.
