UK aspires to be ‘crypto-asset technology hub’

After recent speculation that the UK may be moving closer toward crypto regulation, the country has announced its plans to become a “global crypto-asset technology hub”.

Chancellor of the Exchequer Rishi Sunak said: “It’s my ambition to make the UK a global hub for crypto-asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

Included in the move is the idea that the UK will be able to use stablecoins as a recognised means of payment, with the coins “brought within regulation”.

The government is also working with the Royal Mint to create an NFT as an “emblem” of the plan. In a tweet from the Treasury, the project was described as a “forward-looking approach” to “take crypto-assets into the UK”.

The FCA will work with Royal Mint in a “crypto sprint” to create an “engagement group” to work and innovate in the industry with legislation created for a “financial market infrastructure sandbox”.

“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term”, Sunak said.

The press release continued: “By recognizing the potential of this technology and regulating it now, the government can ensure financial stability and high regulatory standards so that these new technologies can ultimately be used both reliably and safely.”

Plans have also been put into place to explore the blockchain community in the broader UK financial market to enable “greater efficiency, transparency and resilience”.

It’s been a long time coming for the UK to start integrating crypto and crypto-related products. For some time now there has been a ban against crypto advertisements.

While you wait in anticipation for the new rules. You may use your crypto recreationally at 1xBit, FortuneJack or Bitcasino.

Source

Updated: 04/06/2022 — 16:00