PANews reported on May 6 that according to Decrypt, Emma Reynolds, the economic secretary of the British Treasury, made it clear that the country would not follow the United States in establishing a national cryptocurrency reserve. She pointed out at a summit in London that although the United Kingdom and the United States have established a senior officials working group to cooperate on digital asset regulation, the United Kingdom is more inclined to incorporate crypto assets into the existing financial regulatory framework and follow the principle of "same risk, same regulation."
The UK is exploring the use of distributed ledger technology to issue sovereign debt and is expected to determine the technology supplier by the end of summer. Reynolds stressed that the UK will not copy the EU MiCA Act's special legislation model, but will adjust existing regulations based on results. For decentralized assets such as Bitcoin, she admitted that there are regulatory limitations and the government can only take limited intervention measures.
