United Kingdom

It’s unclear what a Labour Party government could mean for digital assets in the U.K., but according to one poll, many voters want politicians to consider the industry.

On July 4, residents of the United Kingdom will vote on whether to keep the Conservative Party in control of government or choose Labour as the primary governing party for the first time in 14 years.

Ahead of the anticipated election, most polls suggested that the Labour Party under Keir Starmer could replace the Conservatives under Prime Minister Rishi Sunak. A shakeup in leadership will likely affect how the U.K. government handles policies and legislation in cryptocurrency and blockchain, and voters have taken notice.

According to a survey commissioned by digital asset platform Zumo between June 7 and 11, roughly one-third of 3,124 adults between the ages of 18 and 34 in the U.K. said they were concerned about the future of crypto in the country. Roughly the same percentage said U.K. lawmakers should consider the growth of the industry.

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Whether the U.K. Conservative Party maintains control of government or Labour is voted in, the House of Commons will be in recess until July 4 and during party conference season.

British Prime Minister Rishi Sunak was required to announce a general election in the United Kingdom before January 2025, but his decision to hold one in July could push back the implementation of crypto policies in the country.

Speaking to Cointelegraph at the Consensus conference in Austin on May 30, CryptoUK Board Advisor Ian Taylor said the July 4 election would likely delay crypto regulatory policy in the country through the Financial Services and Markets Act by a matter of months. The U.K. government initially announced plans to present a regulatory framework for cryptocurrencies and payment stablecoins in July before any election.

“It’s not great,” said Taylor, referring to the delay of U.K. crypto policy. “Asia and Europe are way ahead of the game.”

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