Rishi Sunak has previously stated his intention to turn the United Kingdom into a global center for the crypto industry.
During his tenure as British Chancellor of the Exchequer, while still in the cabinet of former Prime Minister Boris Johnson, Rishi Sunak assisted parliamentarians in drafting the Financial Services and Markets Bill. The law, if passed, could give local regulators the power to support and oversee the activities of crypto companies. Starting with the introduction of stablecoins into the realm of government-regulated payments. Under Sunak’s leadership, the Royal Mint set about creating its first collection of non-fungible tokens (NFTs).
The UK crypto community positively assesses the prospects for the development of the industry under the new head of government.
“This is positive for both crypto and the economy as a whole,” said Ian Taylor, head of lobbying group CryptoUK.
In September, UK lawmakers introduced a bill to Parliament to address “privacy issues” and give law enforcement the power to “coerce businesses into transferring information that could be related to money laundering or terrorist financing using cryptoassets.” It is planned to expand the powers of the authorities in the fight against cryptocurrency crimes and simplify the procedure for the seizure and freezing of assets.
Source: Bits
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