The United Kingdom confirms its desire to become a leading crypto hub – CryptoActu

While the former British government, under Boris Johnson and especially Crown Finance Minister 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 maintained. The Economic Secretary to the Treasury, Richard Fuller, confirmed that the day after the designation of the host of 10 Downing Street, the new government will act 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 Economic Secretary Richard Fuller said reaffirmed the UK government’s commitment to making the UK a leading crypto hub.

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

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

Maintaining the policy of his predecessor John Glen, whom he succeeded in July, the secretary in charge of the city will henceforth be placed under the authority of the new Chancellor of the Exchequer 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, his department, as relayed Coindeskhad announced a £53 million ($61.3 million) fund to support technology innovationincluding the use of blockchain in supply chains.

In fact, while the European Union seems to be moving towards restrictive, if not repressive, regulation of the crypto industry, the United Kingdom is seeking precisely the opposite.

By making this country a hospitable place for crypto technologies, we can attract investment, generate new jobs, benefit from tax revenue, create a wave of revolutionary new products and services, and usher UK financial services into a new era.

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

A Proactive Crypto Strategy

Consequently, thehe government plans to continue with the Financial Services and Markets Bill which includes rules for the use of stablecoins as a means of payment. It also intends to resume a whole series of favorable provisions already envisaged by the previous government.

Regulation

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

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

We should welcome cryptocurrencies in a way that does not limit their potential. Unleash free enterprise zones by removing regulations that restrict prosperity.

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

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

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

From there, to making it a priority at a time when the UK is going through a serious economic situation, with a country probably already in recession, there is room. And, to top off the bleak picture, there is also the farewell to the queen, a page of 70 years of her history that is turning.

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



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The United Kingdom confirms its desire to become a leading crypto hub – CryptoActu


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