UK Unveils Comprehensive Plan to Become Global Crypto Hub With Dynamic Regulation – The government of the United Kingdom has released a detailed plan to turn the country into a global crypto hub as well as a welcoming place for crypto.
Establishing a proactive regulatory framework for crypto, regulating stablecoins, and collaborating with the Royal Mint to create a non-fungible token by the summer are all part of the plan.
On Monday, the British government launched lots of new measures aimed at transforming the country into a “global cryptoasset technology hub.”
They include holding a Financial Conduct Authority (FCA)-led Cryptosprint, legislating for a financial market infrastructure sandbox” to help firms innovate, regulating stablecoins, establishing an engagement group to work more closely with the crypto industry, and also working with the Royal Mint on non-fungible token.
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The British chancellor of the exchequer, Rishi Sunak, stated:
“It is my objective to make the United Kingdom a world leader in cryptoasset technology, and indeed the policies we’ve laid out today will assist businesses in innovating, investing, and scaling up in this country.”
On Monday, John Glen, the UK’s economic secretary to the Treasury, spoke about the government’s crypto plan at the Innovate Finance Global Summit.
“We want this country to be a worldwide hub, the best location in the world to start and scale crypto-companies,” he said, adding:
“If there’s anything I want you to remember from today, it’s that crypto firms are welcome in the United Kingdom.”
“If crypto-technologies are going to be a key part of the future, we in the United Kingdom want to be in early.” Indeed, if we commit now and act now, we will be able to lead the way,” the economic secretary emphasized.
Glen remarked that “the way we regulate crypto-technologies needs to be dynamic,” commenting on the British government’s “detailed plan” released on Monday.
Regulation ought not be regarded as a fixed and rigid entity. Instead, we should think about regulatory code in the same way that we think about computer code. We refine and rewrite it as needed.
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He then went on to discuss stablecoin legislation. “I could tell that we will be legislating to integrate some stablecoins into our payments framework,” he said. “This will set the conditions for stablecoin issuers and service providers to function and expand in the United Kingdom.”
The economic secretary addressed the larger crypto market’s regulation, adding, “We believe the market has changed enough for us to contemplate regulating a wider approach of crypto activities, such as bitcoin trading. We’ll also provide advice on a world-class regulatory framework for the rest of the crypto industry.”
