Emma Reynolds, Economic Secretary to the Treasury, outlined the UK's strategy to establish itself as a crypto hub at the Financial Times Digital Asset Summit. Unlike the U.S. and EU, the UK intends to integrate regulation for Bitcoin and crypto into its existing financial services framework rather than pursuing a national Bitcoin reserve. A senior official working group has been formed with the U.S. to foster cooperation, recognizing the challenges posed by Bitcoin's decentralized nature. The new regulatory framework is expected to be in place by the end of 2025.
"We don't think that's appropriate for our market," Reynolds said regarding a national Bitcoin reserve. "We understand that's what the U.S. is going for, but that's not the plan for us."
Reynolds acknowledged the challenges in regulating certain aspects of Bitcoin and crypto, particularly Bitcoin's decentralized nature. "There's only so much the government can do in that regard," she said.
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