The UK Confirms Its Desire to Become a Leading Crypto Hub

While the former British government, under Boris Johnson and most notably Crown Treasury Secretary Rishi Sunak, professed a central interest in cryptocurrencies, the question was whether the arrival of Liz Truss as Prime Minister would challenge this pro-crypto partition?. A priori, the orientation seems to be preserved. The Treasury Secretary, Richard Fuller, confirmed that the new government will act the day after the designation of the host of 10 Downing Street to make the UK a global crypto hub.

The UK maintains its intention to become a crypto hub

During a parliamentary debate on cryptocurrency regulation on Wednesday, Treasury Secretary Richard Fuller said: Reaffirmed UK Government’s Commitment to Make UK a Leading Crypto Hub.

We want to become the country of choice for those who want to create, innovate and build in the crypto space.

Richard Fuller, Economic Secretary to the Treasury, in Westminster Hall Debate: Cryptoassets Regulation – Wednesday, September 7, 2022

Upholding the policies of his predecessor John Glen, whom he succeeded in July, the secretary responsible for: the city will henceforth be placed under the authority of the new Minister of Finance Kwasi Kwarteng appointed by Liz Truss. The latter, former Secretary of State for Business, Energy and Industrial Strategy in the previous government, had identified blockchain protocols as one of “seven technology families that will transform our economy in the future”. In July, as reported by Coindesk, his department announced: a £53 million ($61.3 million) fund to support technology innovationincluding the use of blockchain in supply chains.

While the European Union appears to be moving towards restrictive, if not repressive, regulation of the crypto industry, the United Kingdom is striving for the exact opposite.

By making this country a welcoming place for crypto technologies, we can attract investment, generate new jobs, capitalize on tax revenue, create a wave of revolutionary new products and services and usher in a new era of British financial services.

Richard Fuller, Economic Secretary to the Treasury, in Westminster Hall Debate: Cryptoassets Regulation – Wednesday, September 7, 2022

A proactive crypto strategy

Consequently, theThe government plans to move forward with the Financial Services and Markets Bill, which contains rules for using stablecoins as a means of payment. It also intends to resume a host of favorable provisions already envisaged by the previous government.

Regulation

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With, however, its indispensable corollary, the economic crime section (transparency and enforcement law), which would grant law enforcement “new powers to seize and reclaim crypto assets”.

British crypto supporters and players can be reassured, the old tweet from then-Treasury Secretary Liz Truss, which reappeared on the occasion of her appointment, was not just an affectation.

We must welcome cryptocurrencies in a way that does not limit their potential. Unleash free business zones by removing rules that limit wealth.

The proactive strategy in favor of cryptos seems to be on the agenda.

The UK could either be a spectator as this technology transforms aspects of life, or it could become the best place in the world to launch and scale crypto technologies.

Richard Fuller, Economic Secretary to the Treasury, in Westminster Hall Debate: Cryptoassets Regulation – Wednesday, September 7, 2022

From there, to make it a priority at a time when the UK is going through a serious economic situation, with a country likely already in recession, there is room. And to top it all off, there’s also the Queen’s farewell, turning a page of 70 years of history.

Cryptos have a future if we are to believe our UK neighbors. If you believe too strongly in their future, don’t wait any longer to acquire your first cryptos, register on the FTX exchange and enjoy a lifetime discount on your trading fees (commercial link).

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