U.K. Authorities Continue Crypto Hub Planning
To the delight of industry stakeholders and proponents of cryptocurrencies, the new U.K. government intends to follow the crypto-friendly agenda outlined in April by former finance minister Rishi Sunak.
Richard Fuller, the new economic secretary of the Treasury, made these remarks last week at a crypto-focused discussion in Westminster, the only event of its sort in the United Kingdom as of press time. Fuller’s comments might serve as a comforting aspect to encourage industry stakeholders’ expectations.
Rishi Sunak, who seemed to be pro-crypto, did not emerge as the next leader of the Conservative Party, and eventually the prime minister, in July. As a result, crypto proponents in the United Kingdom were left in a state of uncertainty.
The party leadership position was instead gained by Liz Truss, whose crypto-related rhetoric, according to sources, is lacking.
In April, Sunak’s ministry produced a paper detailing its crypto-friendly plans for the United Kingdom. A sandbox, a crypto asset engagement group, and a non-fungible token (NFT) effort, to mention a few, were among the many ideas included in the plan to position the United Kingdom as a worldwide crypto centre.
In the regulation package, the potential use of stablecoins such as USD Coin (USDC) as a payment mechanism was also discussed.
During the argument, Fuller reaffirmed two crucial points. First, the government hopes to go forward with the Financial Services and Markets law, which is intended to make the crypto hub ideas a reality. Notably, the law contains a regulatory proposal for stablecoins.
These are crypto assets pegged to another asset, often a fiat currency such as the U.S. dollar or a store of value such as gold. In addition, Fuller’s remarks imply that authorities want to adopt a strict framework for crypto promotion.