TechFlow News, October 29 — According to DLNews, Gillian Lynch, Head of Gemini for Europe and Ireland, recently stated that the UK's newly elected Labour government will likely need at least 12 to 18 months to roll out a cryptocurrency regulatory framework. This delay could actually bring positive effects. The previous Conservative government had planned to introduce relevant regulations in summer 2024, but the initiative has been put on hold following the Labour Party's rise to power.
Lynch pointed out that the European Union has begun implementing MiCA, the world’s most comprehensive regulatory framework for crypto assets, with its stablecoin rules set to take effect by the end of this year. This will provide the UK with a valuable observation period, helping it develop a more robust regulatory regime. A recent Gemini survey found that nearly 40% of respondents who do not currently hold cryptocurrencies cited regulatory uncertainty as a primary reason for staying out of the market.
Notably, the UK Financial Conduct Authority (FCA) has started tightening marketing rules for crypto firms, prompting platforms such as PayPal and Binance to suspend services in the country. While some industry players worry that regulatory delays might push businesses toward EU markets, Lynch believes strict compliance is a necessary cost for earning user trust.
