Analysts Weigh In: Labour’s Crypto Policies Post-Election Victory

• The Labour Party won the UK General Election with 410 seats in Parliament.
• Keir Starmer is expected to become the next Prime Minister, succeeding Rishi Sunak.
• While Rishi Sunak envisioned turning the nation into a crypto hub, Starmer’s crypto stance is nebulous.

Reports suggest Keir Starmer could become the UK’s Prime Minister, replacing Conservative Prime Minister Rishi Sunak. The Labour Party won Thursday’s UK General Election, ending 14 years of Conservative rule and Sunak’s crypto ambitions.

According to BBC exit polls, the Labour Party will govern the United Kingdom with 410 seats in Parliament. Sunak’s Conservative Party won around 131 seats in England, Scotland, and Wales, but not Northern Ireland. The official election results will be released on July 5.

Rishi Sunak actively worked to turn the UK into a crypto hub, even before becoming Prime Minister. As Finance Minister under PM Boris Johnson, Sunak shared insights on ensuring crypto firms could “invest, innovate, and scale up in this country.”

However, Starmer’s crypto stance remains “somewhat nebulous,” according to deVere Group CEO Nigel Green. Anticipating the UK becoming an “attractive destination for crypto companies,” Green suggested the Labour Party could collaborate with industry leaders to ensure an innovative and secure financial system. Highlighting Starmer’s potential role in the nation’s crypto innovation, Green added:

“By embracing cryptocurrency and blockchain technology, Starmer can enhance the City’s status. The City’s robust financial infrastructure, combined with progressive crypto regulations, can attract international businesses and investors.”

Following Labour’s historic win, Starmer promised a “national renewal.” Acknowledging public support, he stated< “We have achieved this together—through your campaign, your efforts, and your votes.