UK Government Shakes Up Crypto Policy: What’s Next?

After a decisive election victory on July 4, the UK Labour Party, under Prime Minister Keir Starmer, has begun appointing officials to key government roles.

Among these appointments is Tulip Siddiq, who now assumes the dual role of Economic Secretary to the Treasury and City Minister. Her responsibilities include overseeing policies concerning digital assets and central bank digital currencies in the UK.

Previously serving as Shadow City Minister and Shadow Economic Secretary under the Conservative government, Siddiq has advocated for robust regulations on cryptocurrencies.

In a notable May 2023 op-ed in the New Statesman, she called for comprehensive government frameworks to manage the risks and opportunities presented by crypto assets, criticizing the previous administration’s approach as insufficient.

Recognized by CryptoUK in 2022 as one of the top UK lawmakers discussing crypto and blockchain in Parliament, Siddiq is viewed by industry figures as potentially pivotal in positioning the UK as a global center for tokenized assets following Labour’s electoral success.

Under Starmer’s leadership, the Labour government has prioritized issues such as housing and healthcare, suggesting that the development of regulatory frameworks for Web3 technologies may be deferred until a clearer crypto policy direction is established.