The election date has not been announced yet, but it is expected to take place later this year. The Conservative Party, which has been in power for almost 14 years since it was first elected in May 2010, has introduced a number of cryptocurrency regulations. The party aimed to make the country a crypto hub by 2022 and has since introduced a market bill that would allow cryptocurrencies to be regulated as a financial activity by the Financial Conduct Authority (FCA).

The Conservatives are now promising to introduce legislation for stablecoins and staking in the coming weeks – before the next election. Many people believe this is a realistic goal.

Adam Jackson, policy director at Innovate Finance, said in an interview that the country needs secondary legislation that would formally task the FCA with regulating cryptocurrencies, including cryptocurrencies and stablecoins.

“The government said they were going to do it,” Jackson said. “We haven’t heard an explanation as to why it’s not possible. So, if all goes well, they should have those powers by the time of the general election.”

Laura Navaratnam, UK policy lead at Crypto Board Innovation, also said the Conservative government was “absolutely” on the right track now, with even the country’s regulators - the Bank of England and the FCA - moving ahead with publishing discussion papers on stablecoins.

“With any level of political turbulence, there’s always a risk that some of this stuff could slow down,” Navaratnam said in an interview with CoinDesk.

Read More: UK Minister Says Government Only Has Time to Implement Stablecoin, Staking Legislation The Conservatives may have a few months left before the election is called, but once it is called they will face the opposition party and could lose power. The current favorite to win is Labor, according to an Ipsos poll that surveyed more than 1,000 people in April. The poll shows 44% of voters plan to vote Labour, while just 19% plan to vote Conservative.

BBC data has revealed that the UK’s recent local elections showed a huge swing towards Labor, with huge losses for the Conservatives. Labor managed to secure 1,158 local councilor seats and gained 186 seats, while the Conservatives gained only 515 seats and lost 474 seats, falling behind the Liberal Democrats.

“The size of the majority is important in an election,” Jackson said, adding, “I think for any party, the smaller the majority they have, the more restricted they will be in what they can do in some of these areas.”

Labor has so far stated in its financial sector plan that it wants to make the UK a securities tokenisation centre. Tokenization is the process of creating a digital representation of a real thing, including financial assets. The tokenization regime is something that people in the country have been demanding.

“We are pleased that Labor has committed to helping make the UK a global hub for digital tokenisation,” CryptoUK said in a statement in February.