The British Treasury has ruled out the creation of a national cryptor serve by distancing from the US direction.
Speaking at the Financial Times Digital asset summit On Tuesday in London, MP said Emma Reynolds Secretary of Economic Affairs, said
“We do not think this is suitable for our market. We understand that this is what the US is going to, but that is not a plan for us.”
This decision comes in the middle of the growing alignment between the United Kingdom and the US for broader cryptorgulation.
The idea of cryptores is not good
It was last week that UK Secretary General Rachel Reeves met with Scott Besent, a US Treasury secretary in DC, in DC to create a higher-level working group on digital assets. Reynolds emphasized the importance of “Cooperation and Cooperation”, noting that the aim of the June's upcoming “Regulatory Forum” aims to synchronize the regulatory approaches between the two countries.
Specifically, in dealing with decentralized cryptocurrency, Reynolds admitted the restrictions on the government, noting that Bitcoin decentralization makes it difficult to complete the integrated regulation.
“We understand that some of this is a bit amorphous,” the woman said, acknowledging the truly decentralized systems.
Washes? Keep the gap
Britain cares a different path from the EU. Although the block has adopted a detailed Mica framework, the United Kingdom is stuck in its traditional legislative style, which is less prescribed and results based.
Reynolds said, “We decided not to pass this particular path,” confirming the British principle “the same risk, the same regulatory approach”.
In addition, the government is monitoring new boundaries in financial constraints. Although the US -style cryptocurrency is at the table, Reynolds has confirmed that the US and the United Kingdom are cooperating to accept crypto, as the United Kingdom continues to investigate a sovereign debt through scattered Ledger Technologies (DLT). Procurement is already in progress, suppliers require late summer.
This latest attitude is followed by the Minister of Finance Rachel Reeves last week about the compulsory regulation of British crypto companies aimed at “breaking bad actors while supporting justified innovation”. In this context, the regulatory alignment of the United Kingdom tends to Washington much closer than Brussels.
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