The UK and US are reportedly set to enhance collaboration on digital assets, with Britain aiming to emulate the Trump administration’s crypto-friendly policies to foster innovation.
On Tuesday, UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent conversed about how the two nations could bolster their partnership on crypto, according to a report by the Financial Times citing sources familiar with the situation.
The discussions also included representatives from crypto firms such as Coinbase, Circle Internet Group, and Ripple, along with executives from Bank of America, Barclays, and Citi, as per the report.
The agreement was reached “last-minute” following advocacy from crypto groups that urged the UK government on Thursday to adopt a more welcoming stance towards the industry, arguing that its cautious approach has caused the country to fall behind in innovation and policy.
Deal to encompass stablecoins, aim for wider adoption
Any agreement between the two nations is anticipated to cover stablecoins, a crypto sector that US President Donald Trump prioritized and in which his family has considerable business interests, according to the Financial Times.
The Financial Times also noted on Monday that UK crypto advocacy groups criticized the Bank of England’s suggestion to cap individual stablecoin holdings at between 10,000 British pounds ($13,650) and 20,000 pounds ($27,300), arguing it would be challenging and costly to implement.
UK banks seem to have also impeded adoption, as approximately 40% of 2,000 recently surveyed crypto investors reported that their banks had either blocked or delayed payments to crypto providers.
Many of these issues have been attributed to concerns over volatility, fraud, and scams.
Recently, the UK has made strides in crypto regulation, proposing a framework in May that would treat crypto exchanges, dealers, and agents similarly to traditional financial firms, imposing rigorous compliance checks focused on transparency and consumer protection.
Reeves purportedly believes that aligning regulations with the US would grant British companies better access to US markets and attract more American investment.
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One source familiar with the discussions informed the Financial Times that there is a “significant opportunity for the UK in digital assets,” and that the Trump administration’s crypto approach was deemed “crucial for unlocking adoption” in Britain.
British officials indicated that collaborations are already in progress with the US to create digital securities sandboxes for companies utilizing blockchain in financial services to test their technology.
UK adults recognize long-term value in crypto investing
A recent survey by UK insurance provider Aviva revealed that 27% of 2,000 surveyed adults are open to including crypto in their retirement plans, with over 40% of those interested in crypto citing the potential for higher returns as their motivation.
Approximately one in five respondents — approximately 11.6 million individuals — claimed to hold or have held crypto, with about two-thirds of that group indicating they still possess crypto in some form.
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