#加密货币 #英国 Suddenly announced they are no longer playing with the US! What shocking secret lies behind the reversal of the cryptocurrency reserve plan?
(May 6), UK Treasury Economic Secretary Emma Reynolds dropped a 'regulatory bomb' at the Financial Times Digital Assets Summit in London— the UK officially refuses to emulate the US in creating a national cryptocurrency reserve! This decision has sent shockwaves through the global crypto community, especially considering that the UK currently holds 61,245 bitcoins (worth over $4.87 billion), making it the third-largest 'invisible holder' after China and the US. But Reynolds doused the market with cold water: 'This thing is too wild, we won't play!'
One, why is the UK dead set against learning from the US? Three compelling reasons
1. Can't afford the Bitcoin roller coaster
The UK Financial Conduct Authority (FCA) has long stated: cryptocurrencies are 'the bungee jumping of finance'. After the US designated Bitcoin as a 'strategic reserve', the 60% daily surge of ADA made the UK shake its head—such risks could bankrupt the treasury, which London’s financial district cannot afford. More realistically, the over 60,000 bitcoins in the UK’s hands were confiscated from money laundering last year; selling them now is not feasible, nor is keeping them, making them a hot potato.
2. Regulation is played with real tactics, not just window dressing
The freshly minted (2025 Cryptocurrency Bill) throws exchanges, traders, and brokers into a 'regulatory cage', requiring them to operate with the same transparency as traditional banks. Even buying coins requires verification of three generations: credit cards and loans are completely banned, and if you want to trade with leverage? Not a chance! FCA data shows that last year, 14% of Britons bought coins with credit, and this move directly cuts off the 'gamblers' escape route.'
3. EU's embrace grows tighter
Although Brexit has occurred, the UK is still aligned with the EU on crypto regulation. The new bill directly copies the EU’s Markets in Crypto-Assets Regulation (MiCA), aligning everything from anti-money laundering to stablecoin regulation. After all, London needs to maintain its status as a 'global financial center', and offending the EU would not be wise.
Two, while the UK and US appear to be parting ways, are they secretly plotting something?
Don't be deceived by the news of 'refusing reserves', the UK and US are playing a big game! Reynolds announced they won't engage in reserves, and shortly after revealed that the Chancellor of the Exchequer and US Treasury Secretary Scott Bessent have formed a 'crypto brotherhood'—a senior officials working group set to meet in June to discuss cooperation. This clearly indicates a 'joint military drill' in regulation.
- Mutual recognition of licenses for smooth passage
The US SEC has been busy labeling crypto assets, while the UK's FCA focuses more on platform compliance. When both sides meet, it’s possible that going forward, exchanges could operate under one license to serve both the UK and US markets, no longer needing to curry favor with both sides.
- Unified technical standards
The Bank of England has long been collaborating with China to research digital currency bridges, and now with the US involved, they likely aim to create a 'global payment highway'. In the future, cross-border transfers using stablecoins may be faster than sending a WeChat red envelope.
- Fighting black market activities knows no borders
The UK's National Crime Agency froze $7.7 million in illegal crypto assets last year, and this time they are sharing data with the US; those involved in money laundering or terrorist financing may find themselves collectively unemployed.
Three, the UK's new play: focus on stability, stealthily positioning itself
1. Regulatory sandboxes become innovation testing grounds
The UK has been running a 'crypto lab' since 2018, allowing companies to experiment with new ideas in a controlled environment. PayPal previously piloted crypto transactions here, monitored closely by the FCA, daring to innovate while avoiding chaos.
2. Stablecoins become the new favorite
The new bill elevates 'qualified stablecoins' to great heights, requiring issuers to hold sufficient low-risk collateral. This is clearly aimed at transforming stablecoins into 'digital pounds', making it possible to buy a cup of coffee with stablecoins, even more convenient than cash.
3. International rules as referees
The UK acts as a 'spokesperson' in the G20 Digital Assets Working Group, promoting global standards for crypto transaction reporting. From now on, countries will investigate money laundering according to UK rules, boosting London's financial clout.
Four, are there pitfalls ahead? Be cautious of these three minefields
1. The crypto market can collapse at any moment
If Bitcoin sees another 6% drop in a single day in December 2024, the UK may need to urgently adjust its policies. But in the short term, they are more inclined to raise platform capital requirements rather than follow the US in directly acting as the 'house'.
2. UK-US cooperation could flip at any moment
The US SEC treats most cryptocurrencies as 'securities', while the UK's FCA adopts a functional regulatory approach. The differences between the two on stablecoins and platform compliance may turn the working group into a 'quarreling group'.
3. EU's frowning face
The EU's MiCA regulation will be fully implemented in July; if UK companies do not meet the requirements, their cross-border operations will be choked. The UK must walk a tightrope between the EU and the US; a slight misstep could leave them in a tough spot.
Conclusion
The UK’s strategy of 'refusing reserves + regulatory alliance', on the surface, seems to distance itself from the US, but in reality, it aims to seize the moral high ground in the global game of cryptocurrencies. Not engaging in speculation, but playing by the rules, this is the true calculation of an established financial empire. In the future crypto landscape, the UK may become that 'invisible giant that sets the rules without holding a gun'. Whether this game can be won still depends on how they balance innovation and risk while gracefully maneuvering in the UK-US-EU triangle.
