Richard Fuller, Economic Secretary of the Treasury, said that the government wants the UK to be the “dominant global hub for crypto technologies”.
In a parliamentary debate on the regulation of crypto assets in the UK on Wednesday, Fuller spoke in favor of “powerful” use cases for cryptocurrency and Blockchain technology, including the use of distributed ledger technology for customs. and international trade and storage of medical records on the blockchain. Alexander Stafford, Parliamentary Private Secretary to newly elected Prime Minister Liz Truss, added that the Prime Minister “reaffirmed” her commitment to providing internet connectivity to UK residents, which could enable access to buying, selling and mining. of cryptocurrencies.
“As crypto technologies become more important, the British government is looking at ways to achieve a global competitive advantage for the UK,” Fuller said.
The economic secretary added:
“We want to become the country of choice for those looking to create, innovate and build in the cryptocurrency space […] By making this country a hospitable place for crypto technologies, we can attract investment, create new jobs, benefit from tax revenue, create a wave of innovative new products and services, and save the current position of the UK’s financial services. United towards a new era”.
Fuller said that under Truss, the UK government plans to advance the Financial Markets and Services Bill, legislation introduced in July that aims to establish a regulatory framework for stablecoins. Additionally, he suggested support for the Economic Crimes (Transparency and Enforcement) Law, which would give law enforcement “new powers to seize and recover crypto assets.”
“The UK can be a bystander as this technology transforms aspects of life, or we can become the best place in the world to launch and scale crypto technologies,” Fuller said. “We want the UK to be the dominant global hub for crypto technologies, so we will build on the strengths of our thriving fintech sector, creating new jobs and developing innovative new products and services.”
Fuller became finance secretary following the resignation of John Glen and other top UK government officials in July in response to allegations of misconduct in former Prime Minister Boris Johnson’s government, rattling posts with the potential of affecting crypto policy in the country. On Tuesday, Truss also named Kwasi Kwarteng as chancellor of the treasury, or chief finance minister.
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