UK Treasury Secretary Rules Out National Crypto Reserve: ‘Not the Plan for Us’
The UK’s Economic Secretary for the Treasury, Emma Reynolds MP, stated that the country will not pursue a national crypto reserve, contrasting with the U.S. approach to stockpiling Bitcoin. The UK aims to collaborate with the U.S. on digital asset regulation, highlighted by recent meetings between UK and U.S. officials. A regulatory forum is set to convene in June to discuss digital asset cooperation. While a digital asset reserve is off the table, the UK is exploring issuing sovereign debt using distributed ledger technologies, with a supplier expected to be appointed by late summer. The UK will not replicate the EU’s Markets in Crypto Assets (MiCA) legislation, focusing instead on regulatory outcomes within traditional financial services frameworks. Reynolds acknowledged that some aspects of crypto, particularly decentralized elements like Bitcoin, are challenging for government regulation.
