Representatives of the new UK Cabinet of Ministers confirmed that the promise made by the previous government to turn the country into a cryptocurrency center will be fulfilled.
The new UK government, formed by Prime Minister Liz Truss, has promised to take advantage of all the opportunities associated with cryptocurrencies. The Financial Services and Markets Bill passed its second reading in Parliament this week and will be reviewed again by the relevant committee. The bill is intended to help regulators manage cryptocurrencies used for payments, such as stablecoins.
Liz Truss’s position was commented on by her personal secretary, Alexander Stafford, who said the prime minister reaffirmed her commitment to cryptocurrencies and agreed to support the use of cryptocurrencies and blockchain technology, including customs, international trade and storage of medical records.
Economic Affairs Secretary of the Treasury Richard Fuller also reiterated the new UK administration’s pro-crypto stance, stating that the government wants the country to become “the dominant global center for crypto technology”:
“We want to become the country of choice for those who are ready to create, innovate and build projects in the crypto space. By making the country a welcoming place for crypto technologies, we can attract investment, create new jobs and benefit from tax revenues.”
For the first time, a plan of legislative initiatives that would make the UK “a leader in cryptocurrency technology and innovation” was announced in May by then-Chancellor of the Exchequer Rishi Sunak. According to him, the British Treasury is developing a regulatory framework for digital currencies that would encourage the conduct of crypto business and provide the financial services industry with a leading position in technology and innovation industries.