- The UK plans to become a global crypto asset technology hub.
- Stablecoins will soon be accepted as a legal form of payment within the nation.
- The Royal Mint will create an NFT this Summer to act as the county’s ‘emblem’.
With the new regulations looking to brighter days for crypto, the UK’s Chancellor of the Exchequer makes an exciting announcement. In detail, the country plans to become a global crypto asset tech hub.
Specifically, the Chancellor of the Exchequer — Rishi Sunak, says that it is his ambition to make the UK a global crypto asset tech hub. In addition, he says that the measures taken by the country will help firms invest, scale, and innovate in the UK.
Moreover, the measures include stable/toins being brought into regulation. In turn, the UK will now recognize stablecoins as a legal form of payment. Another exciting measure is the way the government is embracing NFTs.
Specifically, the Royal Mint, responsible for making UK’s coins, will now establish an NFT for the country. These NFTs will play the role of an ‘emblem’. It’ll show how the UK is a ‘forward-thinking’ government that’s ready to take on this new crypto-positive venture.
To highlight, HM Treasury — the UK government’s economic and finance ministry tweets about the matter. As we can see from the tweet, the Chancellor expects the Royal Mint to create the NFT this Summer.
Besides the news about the UK embracing stablecoin payments and issuing NFTs, they have much more in store. To highlight, the government plans to create legislation for the financial market infrastructure sandbox. Of course, it also makes clear the fact that it will do so in a way that will allow firms to innovate within the industry.
We want to see the businesses of tomorrow—and the jobs they create—here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.
Meanwhile, the Financial Conduct Authority (FCA) says it will lead a sort of ‘crypto sprint’ by working with the Royal Mint. In fact, it will also work with an ‘engagement group’ to work well within the industry.
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