UK Crypto Policy Developments Press Ahead Amidst Political Upheaval

While the headlines coming out of London this week may have been related to politics, scandal, and upheaval at 10 Downing Street, financial regulators have been hard at work the last few months providing consultations, reports, responses, and guidance or issues related to cryptocurrency. Ari Redbord sat down to talk discuss UK crypto regulation James Gillespie, Policy Advisor, Sanctions & Illicit Finance at HM Treasury and Ian Taylor, Executive Director at CryptoUK.  ‍

According to a comprehensive plan to make the U.K. a global cryptocurrency hub issued in April 2022, we are going to see: 

• Stablecoins brought within regulation, paving the way for their use as a recognised form of payment in the UK


• The introduction of a ‘financial market infrastructure sandbox’ to enable firms to experiment and innovate


• The establishment of a Cryptoasset Engagement Group to work more closely with the industry


• An exploration of ways to enhance the competitiveness of the UK tax system to encourage further development of the cryptoasset market


• And work with the Royal Mint to create a Non-Fungible Token (NFT) in summer 2022 as an emblem of the forward-looking approach the UK is determined to take  

As discussed in this episode of TRM Talks, it is critical for the UK to ensure that its approach remains joined up and doesn't fall victim to the tradeoff between growth of the crypto ecosystem and stability. With that being said, keep an eye out for potential updates in this space in the upcoming Chancellor's speech later this summer.‍  

This podcast is hosted by TRM Labs, a blockchain analytics company. We work with crypto businesses, financial institutions and government agencies to monitor, detect and investigate fraud and financial crime in crypto. 

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