The UK Secretary Unveils Plans for the Crypto Industry

• The UK made significant progress in embracing digital assets under Boris Johnson, and the new administration seems focused on building on that.
• Prime Minister Truss takes over power at a time when the UK is facing economic and political struggles as well as the passing of its long-serving monarch, Queen Elizabeth.

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Shortly after being sworn into power, the new administration, replacing the Boris Johnson-led government, remained unclear on its plans for the crypto industry. Crypto enthusiasts in the UK had been left to speculate how the Liz Truss administration would handle digital assets until Richard Fuller, the Economic Secretary to the Treasury, cleared the air during a parliamentary debate on crypto asset regulation in the U.K.

Richard strongly spoke in favor of blockchain adoption, noting that cryptocurrency alongside distributed ledgers has the potential to be used in customs and international trade as well as in the health sector for storing medical records. According to Richard,

As crypto technologies grow in significance, the U.K. Government are seeking ways to achieve global competitive advantage for the United Kingdom.

Private secretary to Prime Minister Truss, Alexander Stafford, later confirmed the PM’s commitment to making the UK a digital hub by ensuring stable internet connectivity for all residents, which would be used in purchasing, mining, and selling cryptocurrencies.

These comments would undoubtedly go a distance in calming the nerves of crypto users in the UK, assuring them of their continued relevance under the new administration. The Economic Secretary later added that under the Truss administration, the UK would become the go-to place for people seeking to create and build innovative crypto projects.

Secretary Richards further stated that the crypto industry would be useful in bridging the current financial services into a new era. He said,

We want to become the country of choice for those looking to create, innovate and build in the crypto space […] 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.

Richard also confirmed that the Financial Services and Markets Bill, introduced in July to create a legal framework for stablecoins, will be pursued under Truss. The Economic Secretary also threw his weight behind the Economic Crime (Transparency and Enforcement) Act, which would provide law enforcement agencies additional tools to confiscate and retrieve cryptoassets.

The UK saw a massive change in its government after former Prime Minister Boris Johnson announced his resignation due to alleged misconduct issues, causing a major shake-up in government. Richard replaced John Glen as economic secretary. However, there were several that concerns the UK could step down on its interest in becoming a global crypto hub. 

Secretary Richard left no room for doubt, declaring the government’s plans to stay ahead of trends, build new products, and create job opportunities. He added,

The U.K. 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. We want the U.K. 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.

Prime Minister Truss would possibly not be releasing any crypto policies as the UK is currently mourning the passing of its longest-serving monarch, Queen Elizabeth, who passed away at age 96 on Thursday. Her son and heir, Prince Charles, now King Charles the III, would look forward to working with the new government as the country begins a new era.

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