UK crypto regulation uncertain as UK prime minister resigns

The announcement that Boris Johnson will step down from his position as leader of the Conservative party, and UK prime minister, has left the future of crypto regulation in the country uncertain.

It’s possible that his departure will disrupt the government’s legislative agenda, including important cryptocurrency regulatory matters, such as stablecoins and Web3.

The announcement came on Thursday after more than 50 ministers handed in their resignations.

Treasury chief Rishi Sunak was one of the first to leave, inspiring others. Once the Conservative party picks a new leader, the new prime minister can seek to appoint new ministers.

This will take time and it’s unlikely that any legislative matters will move along in the meantime. When Theresa May went through the same ordeal a couple of years back, it took her party two months to get things back to normal.

One possible replacement for Johnson is Sunak. He is also a friend of the cryptocurrency industry, which gives hopes that the change will not necessarily impact the technology negatively.

Sunak has previously expressed his ambition to transform the UK into a global hub for cryptocurrencies and digital assets, along with the technology they are based on.

The publication date of the UK’s Gambling Act review whitepaper also hangs in the balance, with the gambling minister Chris Philp was among those to resign.

Philp said the whitepaper, which was expected to be published later this month, was with Number 10 for review but it is unclear whether it will be cleared before parliamentary recess starts at the end of July.

In the meantime, you can use your cryptocurrency for purely recreational purposes at places such as 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 07/08/2022 — 19:00