According to reports, the UK and the US are preparing to deepen their cooperation on digital assets, with the UK looking to emulate the Trump administration's friendly stance on cryptocurrencies to promote innovation.
According to the Financial Times, UK Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent discussed on Tuesday how the two countries could strengthen coordination on cryptocurrencies, sources revealed.
The discussions reportedly also involved representatives from cryptocurrency companies, including Coinbase, Circle Internet Group, and Ripple, as well as executives from Bank of America, Barclays, and Citibank.
The agreement was reached at the "last minute," following calls from cryptocurrency advocacy organizations on Thursday for the UK government to adopt a more open stance towards the industry, claiming that its cautious approach has left the country lagging in innovation and policy.
The Financial Times reported that any agreement between the two countries could include stablecoins, an area of cryptocurrency policy prioritized by President Donald Trump, whose family has significant business interests in the field.
The Financial Times reported on Monday that UK cryptocurrency advocacy organizations also criticized the Bank of England's proposal to limit individual stablecoin holdings to between £10,000 and £20,000 ($13,650 to $27,300), claiming it would be difficult to implement and costly.
UK banks also appear to have slowed their adoption pace; among 2,000 cryptocurrency investors recently surveyed, about 40% reported that their banks either blocked or delayed payments to cryptocurrency providers.
Many of these actions are related to concerns about volatility, fraud, and scams.
The UK has recently made some progress in cryptocurrency regulation, proposing a framework in May that treats cryptocurrency exchanges, dealers, and brokers on par with traditional financial companies, subjecting them to strict compliance checks with a particular focus on transparency and consumer protection.
Reports indicate that Reeves hopes that closer alignment with US regulations will allow UK companies greater access to the US market and attract more American investment.
A source told the Financial Times, "The UK has a huge opportunity in digital assets," and the Trump administration's stance on cryptocurrencies is seen as "key to unlocking the UK's adoption potential."
According to reports, UK officials stated that work is already underway to develop a digital securities sandbox with the US, where companies using blockchain in financial services can test the technology.
A recent study by UK insurance company Aviva found that among 2,000 surveyed adults, 27% were willing to allocate cryptocurrencies in their retirement funds, with over 40% of those willing to allocate cryptocurrencies stating that their motivation was higher potential returns.
About one-fifth of respondents—equivalent to around 11.6 million people—reported that they currently hold or have ever held cryptocurrencies, with approximately two-thirds of them indicating that they still own some form of cryptocurrency.
Related: UN agency plans to enhance governments' crypto capabilities next year
Original: “Financial Times: UK to Strengthen Cooperation with US on Cryptocurrency Matters”
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