As the UK develops a regulatory framework for crypto assets, a close relationship with the EU remains key, Lucy Rigby MP, Economic Secretary to the Treasury, told attendees at ALFI Global Asset Management conference.
“We have laid that legislative groundwork for crypto assets to support safe innovation and [this work is] complementing other steps the government is taking on digital assets as we move to advance our wholesale financial market digital strategy, and then drive forward the digitalisation of all of our financial markets,” she said.
“All of this shows that the UK isn’t just keeping pace; that in these respects, we believe that we are leading. And nowhere is that clearer than in our work on fund tokenisation, working with government regulators, industries, set out a very clear blueprint for transformation.”
She noted that collaboration with Luxembourg and the EU is key to the government’s strategy to ensuring seamless cross-border operations and market integrity.
“All of these things will not be built in isolation, but in partnership with those that share our interests and our values and our ambitions,” she said. “A strong funds ecosystem in particular depends on firms being able to operate seamlessly across borders, with clear rules, efficient processes and trusted supervision.”
She noted that regulatory requirements should continue to meet high standards of consumer protection without creating unnecessary duplication of work for firms operating across multiple jurisdictions.
“We believe the potential for growth and investment really is limitless,” she said. “We want to go further, to strengthen our partnership [with the EU], to embrace the technologies of the future that are going to define tomorrow’s markets.”
