Industry welcomes plans to turn UK into global crypto hub
The UK’s crypto industry has welcomed the Treasury’s plans to transform Britain into an international centre for digital assets.
Rishi Sunak today announced his intention to turn the UK into a “global hub” for crypto with plans to recognise stablecoins, digital assets tied to the price of real world assets, as a valid form of currency.
Crypto industry heavyweights have welcomed government plans to work alongside businesses to develop a regulatory framework for crypto which supports innovation.
“Kraken welcomes the government’s calls to make the UK the very best place in the world to scale crypto companies,” commented Marco Santori, the chief legal officer for crypto exchange Kraken.
Santori stated the companies commitment to creating a “responsible” regulatory environment for all participants in the crypto ecosystem – “whether company, investor or user.”
“This is exactly what the industry has been calling for – to be judged on the reality of the innovation case by case rather than visiting the sins of the worst actors on the whole community,” commented Charles Kerrigan, a fintech partner at law firm CMS.
Mauricio Magaldi, global strategy director for crypto at the fintech consultancy 11fs was somewhat skeptical of the government’s plans to issue NFTs.
“The news that the Treasury will be launching NFTs later this year seems to be nothing more than a strategic PR-play,” commented Magaldi.
“The next steps will paint the bigger picture and determine whether we see actual investment in creating dialogue for a regulatory framework that fosters the crypto economy in the UK,” he added.
The UK’s financial watchdog has announced plans for a ‘crypto sprint’ initiative in May to accelerate plans to regulate digital assets.
Read more: Rishi Sunak sets out plan to turn UK into ‘global hub’ for crypto