No Bitcoin Reserve? No Problem, Says UK Treasury
The United Kingdom is drawing a hard line: it has zero interest in holding Bitcoin as a national reserve. Speaking at the Financial Times Digital Asset Summit in London, Emma Reynolds, Economic Secretary to the Treasury, made it crystal clear:
Reynolds acknowledged the U.S.’s new pro-Bitcoin stance under President Trump but insisted Britain isn’t going down the same road. While the U.S. is exploring national crypto holdings, the UK is sticking to its own path, saying its financial framework doesn’t support a Bitcoin reserve strategy.
Focus on Regulation, Not Accumulation
Rather than hoarding BTC, the UK is prioritizing crypto regulation in coordination with the U.S. Reynolds confirmed that Chancellor Scott Bessent has already met with U.S. counterparts and that a working group is forming this June to align on oversight strategies.
The UK’s regulatory approach, however, won’t mirror the U.S. or the EU. In fact, Reynolds directly dismissed the European Union’s MiCA framework, calling it “too rigid” and saying the UK’s legal style is “more focused on outcomes than templates.”
Distributed Ledger? Yes. Bitcoin Reserve? No.
While the UK may not want Bitcoin on its balance sheet, that doesn’t mean it’s anti-crypto tech. Reynolds revealed that the Treasury is actively exploring the use of distributed ledger technology (DLT) for issuing sovereign bonds. Procurement is already underway, with a tech supplier expected to be selected by late summer. This DLT push shows that the UK is selectively embracing blockchain, just not the decentralized investment side of it. Sovereign-grade crypto infrastructure? Yes. BTC reserves? Not a chance.
“Same Risk, Same Rules” — Crypto Will Be Regulated Like TradFi
Reynolds reiterated that crypto will fall under existing financial regulations, not be governed by separate rules. The mantra? “Same risk, same regulatory approach.”
Still, she acknowledged the inherent limits in controlling decentralized assets like Bitcoin:
So while regulators want oversight, there’s a recognition that Bitcoin’s structure resists traditional control.
