UK May Become 'Country of Choice' for Crypto Space, Economic Secretary Wants

UK May Become 'Country of Choice' for Crypto Space, Economic Secretary Wants

The Economic Secretary wants the UK to become a “country of choice” for crypto space. He supported the intention of the Truss government to turn the UK into “a global hub for crypto technologies.”

The UK wants to “become the country of choice for those looking to create, innovate and build in the crypto space,” according to Economic Secretary to the Treasury Richard Fuller. Speaking at a cryptocurrency debate in Westminster earlier this week, he also stated that “as crypto technologies grow in significance,” the new government formed by Liz Truss is “seeking ways to achieve global competitive advantage for the United Kingdom,” reports Decrypt.

“The UK can either be a spectator as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies,” Fuller said. “We want the UK to be the dominant global hub for crypto technologies, and so will build on the strengths of our thriving fintech sector, creating new jobs, developing groundbreaking new products and services.”

Fuller also stated that the new government is committed to the Financial Services and Markets Bill—the recently introduced legislation which proposes major changes to the regulation of UK financial services, including the establishment of a regulatory framework for stablecoins. According to a Treasurer, the bill will expand the existing regulatory framework by adding the ability to take advantage of stablecoins to reduce costs and improve services.

“At the same time, we will protect consumers by ensuring that the face value of stablecoins is backed by the underlying funds and that consumer funds will be safeguarded if a stablecoin provider becomes insolvent,” added Fuller.

Alexander Stafford, an M.P. for Rother Valley, meanwhile said that “Britain is already world-renowned as the beating heart of finance, banking, and markets, so it is only natural for crypto to similarly look to Britain as its home.”

“Britain should welcome the investment and opportunities of crypto,” said Stafford, adding that Truss, who was sworn in on Tuesday following the resignation of Boris Johnson, already “reaffirmed” her commitment to this fast-growing sector.

“Crypto really is an opportunity for everyone, from Truro to Thurcroft and Rother Valley, and all the way up to Scotland and Northern Ireland. If we first fix the problems with education and regulation, I believe we will have a thriving industry here in the UK,” said Stafford.

Fuller agreed, adding that “by making this country a hospitable place for crypto technologies, we can attract investment, generate new jobs, benefit from tax revenues, create a wave of groundbreaking new products and services, and bridge the current position of UK financial services into a new era.”

© 2022, Eva Fox | Tesmanian. All rights reserved.


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Article edited by @SmokeyShorts; follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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