Markets reflect positive sentiment after Rishi Sunak took office as new UK Prime Minister.
Sunak has hinted at spending cuts to guide a fiscal recovery, but more is expected from him to turn the UK into a ‘crypto hub’ as promised.
can Rishi Snack Will you fulfill his crypto promise?
In early April made by the British government A series of crypto proposals led by Rishi Sunak as Finance Minister and former Treasury Secretary of Economy (September 2021 – July 2022) John Glen.
Sunak is UK is a global hub For cryptocurrency technology while ensuring that “businesses can invest, innovate and scale in this country”. He added that Glenn has confirmed more comprehensive regulatory talks with the government on the crypto sector by the end of 2022.
Now, with John Glenn reappointed as Treasury Secretary on October 25, 2022, the cryptocurrency market has reason to cheer.
Jamie Burke, founder and CEO of UK-based venture capital firm Outlier Ventures, said: bloomberg“This change of leadership could prove crucial in achieving the aspirations set earlier this year to transform the UK into a globally recognized financial hub.”
Still, Burke warned that “proactive action to provide effective and timely regulation to the sector” must be taken in a timely manner.
In his November 9, 2020 speech, Rishi Sunak also suggested that stablecoins and central bank digital currencies offer more. An effective payment processing network. Meanwhile, Britain push Pre-Congressional Crypto Asset Regulation.
New policies as the EU promotes MiCA
On 27 October Andrew Griffiths, Minister of the City appointed by Sunak, placed Under the proposed amendments to the Financial Services and Markets Bill in Congress.
A Congressional memo states: Financial Services and Markets Act 2000 Clarify that powers related to financial promotions and regulated activities can be relied upon to regulate crypto-assets and activities related to crypto-assets. Crypto assets are also defined and have the power to amend the definition. ”
In addition, with members of the House of Representatives vote In support of the plan, the proposal may soon become law. And with the European Union on the verge of approving groundbreaking cryptography rules under his MiCA, Rishi Sunak is expected to speed up work in several key areas. .
and report Clear guidelines are definitely at the top, based on the national crypto industry’s priorities. Her Marieke Flament, CEO of the NEAR Foundation, told Bloomberg:
“The UK government is both a proponent and a critic of the digital asset industry,” advocates clear rules.
Another task for Rishi Sunak, according to crypto industry executives, is to strengthen the licensing process for companies operating in the digital assets sector.
Recently, Digital bank Revolut some companies Temporary registration facing This year’s watchdog deadline.UK top executives also want stablecoin A policy that does not hinder the region’s competitiveness in the market, according to Bloomberg.
with rishi snacks Are known To defend the crypto market, the Treasury and the Bank of England have been investigating the viability of future UK CBDCs amid the push for more stablecoin regulation.
Notably, in a speech released this week, Bank of England Deputy Governor Sam Woods also said:
“Fintech, stablecoins, etc. will only make a positive contribution to the economy if they can operate in a stable and reliable environment,” he said, suggesting legislative changes to harness the technology.
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