Rachel Reeves on Crypto

Rachel Reeves, as Chancellor of the Exchequer, has taken a strong stance in favour of creating a comprehensive regulatory regime for cryptoassets in the UK. She views bringing crypto into the regulatory perimeter as a crucial measure for securing the UK's global standing in the digital finance age. This approach is intended to provide firms with the necessary clarity to invest, innovate, and create jobs, while simultaneously offering strong consumer protections and locking out illicit actors. The government's plan involves regulating cryptoasset firms under the Financial Conduct Authority (FCA) in a manner similar to traditional financial products like stocks and shares, with firm and proportionate rules planned to come into force from 2027.

Her position is framed around balancing the promotion of responsible innovation with safeguarding consumers and market integrity. She has emphasized the importance of international cooperation, particularly with the United States, to shape global standards. Furthermore, the Chancellor has indicated a desire to drive forward developments in blockchain technology, including tokenised securities and stablecoins, positioning the UK as a leading hub for digital assets by giving the industry clear rules of the road. This includes backing 'builders' and supporting the responsible growth of digital assets.