In May 2022, the UK government, headed by Conservatives, introduced two bills regarding cryptocurrencies during the State Opening of Parliament.
The new Labour government of the United Kingdom would prioritize economic stability and development, as stated in the King’s Speech at the State Opening of Parliament. However, digital asset-related policies should have been explicitly addressed.
On July 17, King Charles III delivered a speech to the UK Parliament composed by the incoming Labour government in anticipation of introducing new laws and policy objectives. “Securing economic growth,” “wealth creation,” and “improving the nation’s infrastructure and housing” were among the UK government’s priorities.
The speech lasted approximately 15 minutes and did not explicitly mention the regulation of crypto and blockchain. However, it stated that lawmakers would “encourage[e] investment in industry, skills, and new technologies” and introduce legislation to regulate artificial intelligence.
Other policy priorities included the establishment of an “independent football regulator” and resolving the climate crisis and border security.
King Charles’s speech on Crypto policy under Labour
The speech King Charles delivered during the Labour government was in stark contrast to the one he delivered in May 2022, when the then-Prince spoke on behalf of Queen Elizabeth II at the State Opening of Parliament for Conservative Prime Minister Boris Johnson.
The Conservative Party government introduced the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill to resolve crypto regulation in the United Kingdom.
Following a decisive victory in the July 4 election, the Labour Party secured a majority in the House of Commons, resulting in the Conservatives losing control of the government and hundreds of seats.
Numerous analysts predict that the UK government under Labour may modify the nation’s blockchain policies and digital assets, which are anticipated to be postponed due to the election and parliamentary recesses.
UK Prime Minister Keir Starmer has mainly ignored cryptocurrency as a Labour policy objective. 40 Labour bills were included in the King’s Speech on July 17, in contrast to the 21 pieces of legislation the Conservatives introduced during the previous speech in November 2023.
