UK Treasury: Will Not Follow US in Establishing National Cryptocurrency Reserves

On May 6, Emma Reynolds, Economic Secretary to the UK Treasury, stated at the Financial Times Digital Assets Summit that the UK will not follow the US in establishing national cryptocurrency reserves. Reynolds made it clear that 'we believe this approach is not suitable for our market, and while we understand this is the choice of the US, it is not our plan.' Reynolds noted that the UK is seeking alignment with the US in other areas. She revealed that the UK Chancellor has met with US Treasury Secretary Scott Bessent, and both parties have established a senior officials working group. This regulatory forum will hold a meeting in June to discuss cooperation on digital assets.