Sunak’s “crypto hub” in jeopardy

The former UK Chancellor’s plans to develop a “global crypto hub” could be delayed following his recent resignation from cabinet.

Earlier this year, Chancellor of the Exchequer Rishi Sunak announced it was his “ambition to make the UK a global hub for crypto-asset technology”, adding that there is a focus on ensuring “firms can invest, innovate and scale up in this country”.

The several Treasury plans unveiled in April may see some major setbacks.

Behind the campaign, alongside Sunak, was Economic Secretary to the Treasury John Glen. Both were aiming to take the reins on re-building the UK’s financial situation by incorporating crypto-assets into the nation.

Paving the way for digital currencies and technology into the UK financial market could be difficult with recent events prompting the Bank of England recently to call for “enhanced regulation” of the crypto market.

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Updated: 07/06/2022 — 15:00