The former finance minister Rishi Sunak outlined a crypto-friendly roadmap in April, and officials from the new U.K. administration want to follow it, much to the delight of both sector participants and crypto enthusiasts.
Richard Fuller, the new economic secretary for the Treasury, made this point last week during a debate in Westminster that was, as of this writing, the first of its sort in the United Kingdom. The assurance provided by Fuller’s comments might encourage anticipation from the industry’s stakeholders.
Rishi Sunak Envisioned the U.K. As a Hub for Crypto
When the ostensibly pro-crypto Rishi Sunak failed to become the new head of the Conservative Party and eventually the prime minister, cryptocurrency supporters in the U.K. faced concern.
As opposed to this, Liz Truss, whose rhetoric on cryptocurrency is scant, earned the position of party leader.
In April, a government report from Sunak’s administration detailed plans for the U.K. that were crypto-friendly. The proposal included several suggestions on how government officials intended to position the United Kingdom as a centre for the global cryptocurrency market, including a sandbox, a forum for discussing crypto assets, and an NFT effort, to name a few.
The regulatory package also highlighted the potential use of stablecoins like USD Coin (USDC) as a form of payment.
We’re working to make the UK a global cryptoassets hub. We want to see the businesses of tomorrow, and the jobs they create, here in the UK.
Today @JohnGlenUK set out how we are going to encourage crypto investment and technology in UK markets. 👇https://t.co/MdZ5IOLZtH
— Rishi Sunak (@RishiSunak) April 4, 2022
Richard Fuller Says Crypto Plans are on Track
During the discussion, Fuller reaffirmed two crucial issues. First, the government wants to advance the Financial Services and Markets bill, which is intended to make the ambitions for the crypto hub a reality. Notably, the bill contains a suggestion for stablecoin rules.
These digital assets are pegged to another asset, typically a store of value like gold or a fiat currency like the U.S. dollar.
Additionally, Fuller’s remarks imply that officials intend to impose a strict framework on cryptocurrency promotions.
