The UK Treasury, His Majesty’s Treasury, is set to collaborate with the U.S. to foster innovation in the cryptocurrency sector.
On Tuesday, blockchain news outlet The Block reported that UK Chancellor of the Exchequer Rachel Reeves aims to establish the UK as the world’s premier hub for innovation, emphasizing that this vision encompasses support for cryptocurrency-related enterprises.
Reeves elaborated that firms offering services related to cryptocurrencies such as Bitcoin and Ethereum will be subject to new, transparent regulations. This approach will bolster investor confidence and stimulate growth in the sector.
The UK Treasury’s move to cooperate with the U.S. follows Chancellor Reeves’ recent meeting with U.S. Secretary of the Treasury Scott Bessent, where they explored collaborative strategies for digital asset regulation. Both reportedly also discussed proposals on digital assets put forward by Commissioner Hester Peirce, who spearheads the cryptocurrency task force at the U.S. Securities and Exchange Commission (SEC).
Dialogue between the UK and U.S. Treasuries is set to continue. Reeves indicated her intention to engage in further discussions with the U.S. government on methods to support the responsible development and utilization of digital assets.