🚨The United Kingdom says no to Bitcoin as a strategic asset 🥺🤦♂️
The United Kingdom dismisses the idea of a Bitcoin reserve but aims to become a global cryptocurrency hub. While the EU bets on MiCA and the United States fumbles, London chooses to integrate crypto-assets into its existing financial framework. Will this balancing act make the country an innovative leader or a haven for crypto sector excesses?
A regulatory framework subordinate to the traditional regulatory perimeter
The British Treasury officially abandons the idea of bolstering its national reserves with Bitcoin funds.
The United Kingdom has indeed announced that it does not intend to create a national reserve composed of digital assets.
At the Financial Times Digital Asset Summit in London, Emma Reynolds, Economic Secretary to the British Treasury, stated that the United Kingdom aims to become a global center for cryptocurrencies while adopting a regulatory approach distinct from that of the United States and the European Union.
In fact, the latter found it good to remind that the British legislative tradition is fundamentally different from that of European states.
Inspiration comes rather from across the Atlantic, thanks to a high-level working group between London and Washington; "collaboration and cooperation" shape the regulatory future of the crypto sector.
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However, it will not be a perfect copy since, according to Emma Reynolds, it is essential to adapt to the particularities of the market. Indeed, the British authorities believe that the regulation of digital assets must occur "within the regulatory perimeter in which traditional financial services businesses operate."
Thus, rather than introducing an autonomous framework as MiCA does in Europe, the British strategy is to integrate cryptocurrencies.
