U.K. Authorities Press On With Crypto Hub Plans

Summary:

  • The U.K. could continue moving toward crypto-friendly regulations despite a change in leadership.
  • New Treasury economic secretary Richard Fuller reaffirmed the government’s stance during a digital asset debate, the first of its kind in the country.
  • Crypto proponents previously feared Rishi Sunak’s plans might take the back burner after new Prime Minister Liz Truss emerged as the next party leader.
  • Sunak’s strategy hoped to develop the U.K. into a global crypto hub and adopt stablecoins like Circle’s USDC as a payment method in Britain.

Officials from the new U.K. government plan to continue a crypto-friendly roadmap laid out by former finance minister Rishi Sunak in April, much to the thrill of industry stakeholders and crypto proponents alike. 

The Treasury’s new economic secretary Richard Fuller spoke to this effect last week during a crypto-focused debate in Westminster, the first event of its kind in the U.K. at press time. Fuller’s remarks could serve as a reassuring factor to incentivize anticipation from the industry’s stakeholders.

Rishi Sunak Envisioned The U.K. As  Crypto Hub 

Crypto proponents in the U.K. fell into uncertainty back in July after the seemingly pro-crypto Rishi Sunak did not emerge as the new leader of the Conservative Party, and ultimately the prime minister. 

The party leader seat instead was won by Liz Truss whose crypto-related rhetoric is thin, per reports.

Sunak’s regime released a government report in April that revealed crypto-friendly ambitions for the U.K. The proposal ferried a host of recommendations on how authorities planned to position the U.K. as a crypto hub in the global market including a sandbox, a crypto asset engagement group, and an NFT initiative to name a few. 

The possible adoption of stablecoins like USD Coin (USDC) as a payment method was also mentioned in the regulatory package.

Crypto Plans On Track Says Economic Secretary Richard Fuller

Fuller confirmed two key points during the debate. Firstly, the government intends to press on the Financial Services and Markets bill, aimed at actualizing the crypto hub plans. Notably, the bill includes a proposal for stablecoin regulations. 

These are crypto assets that maintain a peg with another asset, usually a fiat currency like the U.S. dollar or a store of value like gold. 

Also, Fuller’s comments suggest that authorities plan to implement a rigid framework around crypto promotions.

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