Labour Party’s Keir Starmer is UK’s new PM: What can Crypto Lovers Expect?

The Labour Party has emerged victorious in the United Kingdom general elections, securing a significant majority and paving the way for their leader, Keir Starmer, to become the new Prime Minister. The result has been met with anticipation within the English crypto enthusiast community as they eagerly await any potential changes the new government may introduce regarding the cryptocurrency landscape.

Despite the absence of substantial discussions regarding cryptocurrency in the run-up to the elections, the Labour Party has previously expressed support for the Bank of England's digital pound initiative. Their manifesto emphasizes the embrace of innovation in financial services, with a focus on establishing the United Kingdom as a global leader in artificial intelligence, open finance, and the adoption of security tokenization. The party also plans to implement a "regulatory sandbox" to enhance access to financial products.

While the Labour Party's manifesto includes references to fintech and digital assets, the specific term "cryptocurrency" is notably absent. The coming months will provide greater insight into the new government's stance on cryptocurrency regulations as Prime Minister Starmer takes office.

In contrast, the Conservative Party, which held power prior to the elections, has expressed intentions to position the United Kingdom as a global hub for cryptocurrency. They have initiated consultations on future regulations, including those pertaining to stablecoins. Former Economic Secretary Bim Afolami actively engaged in fintech discussions and promised upcoming government legislation on stablecoins.