UK Unveils Comprehensive Plan to Become Global Crypto Hub With Dynamic Regulation
U.K. Wants to Be ‘the Very Best Place’ to Start and Scale Crypto Companies
The British government unveiled several initiatives Monday as part of its plan to make the U.K. “a global cryptoasset technology hub.”
They include regulating stablecoins, legislating for a “financial market infrastructure sandbox” to help firms innovate, holding a Financial Conduct Authority (FCA)-led Cryptosprint, working with the Royal Mint on a non-fungible token (NFT), and establishing an engagement group to work more closely with the crypto industry.
The British chancellor of the exchequer, Rishi Sunak, commented:
"It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country."
John Glen, the U.K.’s economic secretary to the Treasury, elaborated on the government’s crypto plan Monday at the Innovate Finance Global Summit.
“We want this country to be a global hub — the very best place in the world to start and scale crypto-companies,” he emphasized, adding:
"If there is one message I want you to leave here today with, it is that the U.K. is … open for crypto businesses."
“If crypto-technologies are going to be a big part of the future, then we — the U.K. — want to be in, and in on the ground floor. In fact, if we commit now … if we act now … we can lead the way,” the economic secretary stressed.
A Detailed Plan to Lead the Crypto Space and Regulation of Stablecoins
Commenting on “a detailed plan” the British government unveiled Monday, Glen noted that “the way we regulate crypto-technologies needs to be dynamic,” elaborating:
"We shouldn’t be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory ‘code’ … like computer code … which we refine and rewrite when we need to."
He then talked about stablecoin regulation. “I can confirm that we will be legislating to bring certain stablecoins into our payments framework … creating the conditions for stablecoin issuers and service providers to operate and grow in the U.K.,” he said. Read More…
