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United Kingdom wants to become the crypto hub

United Kingdom wants to become the crypto hub

On Wednesday, The United Kingdom’s economic secretary to the Treasury Richard Fuller in the first Westminster crypto debate said that they want to become the first nation of choice for those looking to produce, invent and shape in the crypto space.  

On Tuesday, the United Kingdom got its new Prime minister Liz Truss after succeeding Boris Johnson. Immediately after joining the office, the new Prime minister appointed Kwasi Kwarteng as her finance minister. Already the economic secretary was Fuller. On July 8, after John Glen’s resignation, he was chosen to fill that position. Glen and then finance minister Rishi Sunak, who also resigned in early July, said in April that they intend to make U.K. a crypto hub.

For the long time, The European Union is trying to pass a crypto law which emphasis on scalability of stablecoins. Following that, the United Kingdom is also keen to catch up with EU on crypto competition.

United Kingdom : Some highlights of Fuller’s Westminster debate

In the Westminster debate, Fuller said that with the objective of making the U.K. a center hub for crypto technologies, they can attract a new source of investment, create new jobs and can benefit from the tax revenues. Furthermore, it will bring innovative new products & services to the country, which can ultimately assist to push the U.K.’s current financial services into a new era.  

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The new government also has the objective to continue the work on the financial services and markets bill, which will allow the authorities to control cryptos used for payments like stablecoins. The same bill on Wednesday went for its second reading in the house and is now going to the committee stage where it will be discussed further.

Richard Fuller also restated their plans to bring an Economic Crime (Transparency and Enforcement) Bill. The bill aims to give law enforcement the necessary powers to seize and recover crypto assets in some cases. Moreover, the government is trying to make more transparency in advertising cryptocurrencies by bringing them under regulation.

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