UK To Become a Global Cryptoasset Tech Hub

UK To Become a Global Cryptoasset Tech Hub
  • Stablecoins will have purchase regulation, which enables them to achieve recognition in the UK.
  • The UK government will collaborate with the Royal Mint to create NFT.
  • “The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” said UK’s Chancellor of the Exchequer.

The United Kingdom government announced on a news blog on Monday the idea of them becoming a global hub for crypto technology and investment. This idea involves moves such as regulating the purchase of stablecoins. Additionally, this will earn them the recognition of a “form of payment” in the UK.

Rishi Sunak, United Kingdom’s Chancellor of the Exchequer, also described in a statement:

“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

One of these measures Sunak stated includes the government collaborating with the Royal Mint to create a non-fungible token (NFT). UK officials expect to launch this NFT this summer. The NFT will serve as an “emblem” of the “forward-looking approach” that the UK decided to take.

Additional measures include the development of legislation for a “financial market infrastructure sandbox”. This will assist firms to observe and innovate. Specifically, they will launch a two-day ‘CryptoSprint’ in May led by Financial Conduct Authority (FCA). Also, this seeks to focus on “informing regulatory policy changes” in relation to the growing technologies. Moreover, they aim to create a crypto “engagement group” to work with 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,” Sunak added.

The government’s announcement highlighted a great possibility for stablecoins with proper regulation. This is key for them to implement “more efficient” payment options for customers.

A government’s press release stated that the recognition and high regulation of this technology could “ensure financial stability”. This will also allow people to use it “both reliably and safely”. In addition, this technology could “potentially achieve greater efficiency, transparency, and resilience.”

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