Chancellor Rachel Reeves promised to bolster º£½ÇÊÓƵ fintech, announcing new cryptocurrency regulations during a significant speech to sector leaders on Tuesday.
Addressing attendees at Innovate Finance's 11th annual global fintech summit, Reeves committed to propelling growth and protecting consumers with new "clear" guidelines for digital currencies, as reported by .
This latest crypto legislation builds upon the Treasury's introduction of a digital gilt in November, seeking to enhance the º£½ÇÊÓƵ's competitiveness in the realm of digital assets.
Ahead of the Treasury's debut Financial Services Growth and Competitiveness strategy, fintech chiefs are anticipating strong endorsement.
Reeves remarked: "I want the º£½ÇÊÓƵ to be a place where you can take risks, innovate and experiment and find new ways to deliver for your customers."
Further asserting her ambition for the fintech sector, she announced: "I am determined to make sure that the º£½ÇÊÓƵ remains one of the best places in the world for fintechs to startup, scale up and to list."
Her encouragement for a greater appetite for risk aligns with government efforts to cut bureaucracy allegedly stifling economic progression.
Reeves expected to turn talk into action
Revees disclosed that the government's blueprint, initially expected in Spring 2025, will instead be unveiled on July 15 during her Mansion House address.
Although Reeves specified capital markets, insurance, and asset management as areas of emphasis, she refrained from revealing any specific policy details.
Reeves has engaged with top fintech leaders at her summits earlier this year, which are designed to generate growth ideas for the new strategy.
Despite the sector's explosive growth, fintech executives are optimistic that the upcoming strategy announced by the Chancellor will provide concrete support for the industry.
Clearbank º£½ÇÊÓƵ's CEO Emma Hagan commented to City AM, "I think we really feel excited and energised by the consistency of the messaging and some of the change we are seeing."
A host of fintech companies, such as Monzo and Starling, are expected to go public soon, though there have been no definite plans to list on the London Stock Exchange.
Revolut's chief executive, Nikolay Storonsky, previously opined that a London IPO did not seem sensible last year given more favourable conditions in the US.
The financial community is now looking ahead to July 15, anticipating the Chancellor's actions to capture the expected wave of fintech listings.
During her keynote speech, Reeves disclosed discussions with US Treasury Secretary Scott Bessent about enhancing fintech growth transatlantically.
She highlighted that new crypto regulation is aimed at fostering "support the biggest and responsible growth of digital assets, maintaining the deep historic relationship between the world's two largest financial centers through this period of significant technological demand."
