• Labour Party of the U.K. won by a wide margin in the general elections held on Thursday.
  • Labour’s manifesto did not mention crypto, but it has commented previously on tokenization and digital currency.

Labour Party has won the U.K. General Election on Thursday with a landslide, ending 14 years of Conservative Rule. Keir starmer will be appointed as Prime Minister with a legislative programme that leaves unclear the direction for crypto regulation.

Labour has won more than the 326 votes needed to win a majority. According to BBC, it had 412 votes as of Friday 11:19 British Summer Time (10.19 UTC). The Conservative Party, also known as Tories, is now down to 121 seats. Two results are still to be announced. In the run-up to this election, neither party made any mention of the crypto industry. Labour focused on the economy and police, as well as the National Health Service.

By virtue of their long-term tenure in office, the Conservatives’ stance on crypto is more clear. The party said that it wanted to make the country a Crypto hub. It also enacted laws to regulate crypto. was consulted about future plans, including stablecoin regulations. Bim Afolami was the Economic Secretary for the outgoing Prime Minister Rishi sunak. He appeared at many fintech conferences, and had promised that the government would pass secondary legislation to regulate stablecoins.

Labour has stated that it will support plans for a digital pound by the Bank of England. The bank will decide in 2025-2026 whether or not to issue central bank digital currency. The Parliament must first approve the relevant legislation.

Read more about Digital Pound Legislation: Government Says it will provide privacy and control protections

Starmer stated in an victory speech on Friday morning that “change starts now.”

He said: “Four-and-ahalf years of hard work and changing the party has resulted in a Labour Party that is ready to serve the country, to return Britain to working people’s service.”

Rachel Reeves is set to take over the role of Chancellor of Exchequer. She will be in charge for the Treasury Department.

Sunak told in a concession speech on Friday morning that “the Labour Party has now won these general elections and I called Keir starmer to congratulate Keir.” The British people delivered a sobering result tonight.”

Room to do more

Labour published a financial services plan in January that included the goal of making Canada a tokenization center for securities by “advancing the work to clarify the laws around tokenization.” Tokenization is the digital representation of financial assets and other assets .

Members of the crypto-community told CoinDesk that Labour could do more before the election. This includes passing the regulations that were identified by the former government and improving guidelines on promotional materials.

In an earlier interview, Jordan Wain, U.K. Policy Lead at Chainalysis told CoinDesk that “a lot of the important work was done, and not by the parties, but by government departments.” The FCA (Financial Conduct Authority) is the one who’s formulating the legislation. “They aren’t going to wipe all that hard work from the table. It won’t go anywhere.”

Crypto UK, a lobbying group that met often with regulators and Ministers to advocate for the crypto community under the Tory regime, has also said it has ties with members of the new government.

In an email, a spokesperson stated that “as the landscape changes rapidly, CryptoUK urges Labour to prioritize clarity and proactive policy making to fully harness the sector’s full potential.” “Despite the potential of the industry to create jobs, economic growth, and increased inclusivity in the UK, a comprehensive policy for the UK’s digital assets and crypto industry remains elusive.”

Read more: Major parties remain silent on crypto issues ahead of the U.K. election

UPDATE (5 July, 07:40 UTC). Updates the seat count in the second paragraph.

UPDATE (5 July, 10:48 UTC). Updates the seat count. Adds Sunak’s resignation to eighth paragraph. Statement from Crypto UK is in last paragraph.

UPDATE (5 July, 16:30 UTC). Rachel Reeves has been appointed as the new Chancellor.

Sheldon Reback, Nikhilesh De.