The United Kingdom’s general election has ended in a landslide victory for the Labour Party, ending 14 years of Conservative Party government.
With Labour now in power, the hope for positive action is cautiously renewed. Industry body CryptoUK told Cointelegraph: Cowan told Cointelegraph: “Having previously recognized the benefits of tokenized securities, fintech and even a central bank digital currency, if Labour is willing to lean into the digital assets space and harness innovation, huge opportunities to democratize finance will emerge.”“We recognize that jobs, growth and inclusivity are key priorities for Keir Starmer’s administration. We firmly believe that our sector can significantly contribute to these goals,” said CryptoUK.
For that reason, “A future Labour government will therefore look to make the UK a global leader in tokenization by advancing work to clarify the law around tokenization, and working with regulators to establish a proportionate, outcomes-based regulatory regime to oversee the technology.” “Historically perceived as less robust on economic issues than their Conservative counterparts, senior Labour figures have been actively engaging with City grandees and key influencers to reassure them of their pro-growth, pro-capitalism and pro-innovation stance,” said Linch.
Truss was among the 251 Conservative politicians to lose their seats. Incoming Labour parliamentarians must now meet the expectations of the British public, who will demand they do better.“Now, with the election behind them and a significant majority in hand, Labour can afford to be more audacious, seizing the myriad opportunities that digital assets present,” said Linch.