The UK and the US have announced the creation of a new “Taskforce for Markets of the Future.” This UK US task force aims to enhance collaboration on capital markets and digital asset regulations between the two countries. The task force will reinforce the UK’s efforts to revitalize its financial sector and align with the US’s crypto-friendly policies under President Trump.
UK US Crypto Task Force To Focus On Regulations
According to a Bloomberg report, the UK US task force was formed following discussions between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent. It will focus on aligning regulations on stablecoins and establishing anti-money laundering (AML) standards for crypto firms.
This follows an earlier report that both countries plan to align on crypto regulation and comes barely a week after President Trump’s UK visit. This move will help strengthen ties between the two nations in the crypto sector.
The UK and US Treasuries will lead the task force, which will include regulators responsible for overseeing digital assets in both countries. The task force will submit its recommendations within 180 days.
The UK US taskforce will also explore the creation of digital securities sandboxes to test blockchain-based solutions across borders. These initiatives aim to create a more favorable regulatory environment for digital assets in both nations.
UK’s Regulatory Slowdown and Industry Concerns
While the US continues to advance its crypto regulation and policies, the UK remains cautious. Industry executives in the UK believe that the lack of clear regulations has hindered the growth of cryptocurrency in the country.
Meanwhile, the US has embraced the cryptocurrency industry, with Trump’s administration appointing crypto-friendly regulators and passing pivotal stablecoin legislation. The task force aims to address these concerns, provide clear regulations, and streamline cross-border capital-raising efforts.
The UK Treasury has stated that the task force will prioritize collaboration on digital assets in the short and medium term while new regulatory frameworks are developed. Additionally, the task force will focus on reducing the regulatory burden for firms raising capital in both markets.
Positive Response from UK Crypto Industry
UK industry leaders have welcomed the UK US Crypto Task Force. George Osborne, an advisor to US crypto exchange Coinbase, warned that the UK could be behind in the crypto revolution unless it modernizes its regulatory approach. Osborne said,
The UK Cryptoasset Business Council called the formation of the UK US task force a “vote of confidence” in the UK economy. The council believes this collaboration could revive crypto euphoria in London and foster greater transatlantic economic ties.
Source: https://coingape.com/uk-and-us-announce-joint-task-force-to-boost-collaboration-on-crypto-regulation/
