New Economic Secretary insists the UK is keen to become a crypto hub

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New Economic Secretary insists the UK is keen to become a crypto hub

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 New Economic Secretary insists the UK is keen to become a crypto hub
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Highlights

  • UK’s new Economic Secretary Richard Fuller insisted that Britain is very much focused on becoming the country of choice for cryptos.
  • Fuller said that the country could either be a spectator or Britain could become one of the frontrunners in the crypto race.

When former Chancellor Rishi Sunak unveiled his plans to transform the UK within the crypto world in July, there was a buzz in the air. It resulted in the Treasury recognizing stablecoins as a valid form of currency. These two were perhaps landmark decisions for the UK market, considering the Financial Conduct Authority is a risker asset and does not regulate it.

The objective behind Rishi Sunak’s drastic announcement was to make the UK a global hub allowing crypto businesses to invest, innovate and scale up in Britain. But Sunak’s departure had left several crypto enthusiasts speculating that perhaps the dream to make England a crypto hub has been nipped in the bud. Worse, Economic Secretary to the Treasury John Glen resigned from the Boris Johnson government, fuelling further speculation.

But now, the crypto objective seems to be back on the table.

Crypto is still a priority for the UK

The renewed hope was sparked by the new Economic Secretary to the Treasury, Richard Fuller, who insisted that Britain was very much focused on becoming the country of choice. Fuller said the government intends to be a place of opportunity for those who want to create, innovate and build crypto space.

In UK’s first-ever crypto debate in Westminster last week, Fuller highlighted that the country could Fuller said that the government could either be a spectator or Britain could become one of the frontrunners in the crypto race. He further added by doing so, the country will be able to attract investment, generate new jobs and give way to innovative technologies which could usher the UK into a new era of financial services.  The Economic Secretary hinted that the new government is determined to bring in the Financial Services and Markets Bill, establishing regulatory guidelines for stablecoins.

Conclusion

Fuller’s recent statements would certainly buoy the crypto businesses operating in the country. The industry leaders would hope for a sustained approach from the regulators and government. The latest statements indicate that the government is focused on making the UK one of the front runners of the cryptoverse.

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