Rachel Reeves must make sure the UK is not left out of growing stablecoin market in the Autumn Budget
The chancellor, Rachel Reeves must make sure the UK is not left out of the growing stablecoin market, say leading audit, tax and business advisory firm, Blick Rothenberg.
Richard Hinton, a partner at the firm, said: “Rachel Reeves must ensure in the Budget that pace of UK stablecoin adoption will not be too slow, leaving the country out of a rapidly growing market. Which according to JPMorgan is currently worth around £197bn.”
He added: “The government has been active supporting adoption of crypto assets in the UK, issuing a draft Statutory Instrument in April 2025, and publicly aligning with the US on a number of policy areas. Particularly in the area of stablecoins, which are less prone to sudden changes in value than other crypto assets.”
Richard said: “These policy announcements should see the regulatory and tax regimes amended to permit wider adoption of stablecoins. For example, currently only very limited digital assets can be held in ISAs, but this could and should be relaxed.”
He added: “The Financial Conduct Authority (FCA) has published a Consultation Paper CP25/28 Progressing Fund Tokenisation. But this promises to be a long consultation process, and meaningful change in the short term currently seems unlikely. Rachel Reeves must ensure crypto ambition will not be trimmed as the FCA consultation process unfolds.”