The UK is all set to become a global crypto hub

The UK is all set to become a global crypto hub

Govt proposes new stablecoin regulation, new policies to promote crypto businesses in the country; Royal Mint to come out with NFT collection.

The UK is all set to become a global crypto hub The UK is all set to become a global crypto hub

After Dubai and Singapore, the UK is gearing up to become a "global hub" for the cryptocurrency industry. The government has proposed new stablecoin regulations, a Royal Mint NFT, and a plethora of other measures to promote digital asset companies.

In a Monday address, UK MP John Glen declared that the government was determined to demonstrate that the country is ready to welcome crypto businesses.

The minister announced that the government would examine the potential of issuing government debt via distributed ledger technology, or blockchain. He claimed that chancellor Rishi Sunak, who is the son-in-law of Infosys founder Narayan Murthy, had commissioned the Royal Mint to create a non-fungible token (NFT) prior to the summer as a mark of the forward-thinking approach the country would take on the matter of Web3 and crypto.

Additionally, the UK Treasury disclosed long-awaited plans to regulate stablecoin issuers and cryptocurrencies that match the value of traditional assets such as US dollars.

It is interesting to note that previously UK politicians, especially Conservative MPs have had a negative stance on cryptocurrencies and other virtual digital assets in the UK.

At the start of the year, the UK government had started a crackdown on false cryptocurrency promotions, subjecting them to the same regulation as traditional financial advertising.

The UK's crypto push comes as countries like Dubai, Singapore, Thailand, etc. are coming up with lenient policies to attract Web3 start-ups and companies to their locations.

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Published on: Apr 05, 2022, 11:26 AM IST
Posted by: aakanksha chaturvedi, Apr 05, 2022, 11:22 AM IST