Britain Considers Cryptocurrency Regulation Alignment with the US During Trump's Visit
The UK government is preparing to align its cryptocurrency regulations with the US, in a move aimed at increasing UK companies' access to US markets and attracting American investment. This decision was reached during a meeting between Chancellor Rachel Reeves and Treasury Secretary Scott Bessent.
The discussion, which took place last minute after crypto industry groups lobbied the UK government ahead of President Trump's state visit, addressed broader concerns about London's competitiveness as UK-listed companies increasingly relocate to New York exchanges.
The proposed cooperation will focus on stablecoins and joint regulatory frameworks, with a particular emphasis on addressing systemic risks and volatility concerns that UK regulators have maintained over cryptocurrency.
The meeting also included representatives from major banks including Citi, Bank of America, and Barclays, as well as crypto companies such as Circle, Coinbase, and Ripple.
This cooperation framework includes joint digital securities sandboxes for blockchain companies, a move that is expected to further boost the UK's appeal to the cryptocurrency sector.
Former Chancellor George Osborne recently warned that Britain is being left behind in the cryptocurrency sector, a concern that the proposed cooperation aims to address. British officials hope closer alignment will increase UK companies' access to US markets, helping them to compete more effectively.
The announcement of the joint digital securities sandboxes is expected during Thursday's meetings between Trump and Prime Minister Keir Starmer. The UK's struggle to compete with America's enthusiastic digital asset policies is highlighted by this proposed cooperation.
The Financial Times reported about this discussion on Wednesday, shedding light on the UK's efforts to match America's crypto-friendly approach under the Trump administration. However, the UK's regulatory hesitancy over cryptocurrency puts UK companies at a disadvantage, reflecting growing industry frustration.
American investment is expected to be attracted by this proposed cooperation, a development that could potentially boost the UK's position in the global cryptocurrency market. As the world continues to embrace digital assets, the UK's decision to align its regulations with the US could prove to be a significant step forward.
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