Crypto: What if the UK becomes the next European hub?

The United Kingdom has a new Prime Minister since Tuesday September 6, 2022. It is Liz Truss, former Secretary of State for Foreign Affairs, Commonwealth and Development of the United Kingdom. The previous executive had decided to follow a pro-digital asset roadmap. The crypto community wonders if the new British government will not relegate this project to the background. Here is what it is.

Continue to Adopt Crypto-Friendly Regulation

The new Economic Secretary to the Treasury, Richard Fuller, recently indicated that the UK would continue to adopt a favorable regulation to cryptos. During a recent debate on cryptocurrency in Westminster, he said that crypto projects are on track. He explained that the government intends to work on the bill relating to financial services and markets.

This bill is notably composed of a proposal for the regulation of stablecoins. The new government also intends to strictly regulate actions aimed at promoting cryptocurrencies.

You should know that the team of former finance minister Rishi Sunak published a government report on cryptos in April. The document consisted of several recommendations outlining how the government intended to transform the UK into a global cryptocurrency hub. Among other things, the team was considering a digital asset engagement group and an NFT initiative. It was also exploring the possibility of adopting stablecoins such as the USD Coin (USDC) as a payment method.

Some reports indicated that Liz Truss had weak rhetoric when it came to cryptocurrencies. So when she became Prime Minister of the United Kingdom, cryptocurrency proponents panicked. They feared that she would not continue with the crypto-friendly roadmap that the former British government had initiated. Now crypto supporters can take comfort as the new government is proving supportive.

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