New PM Rishi Sunak Wants to Make UK A Hub for Crypto Technology

New PM Rishi Sunak Wants to Make UK A Hub for Crypto Technology.

The new prime minister of the United Kingdom appears to be a fan of cryptocurrencies, hoping to turn the country into a crypto technology hub.

Previously, at the Innovate Finance Global Summit in April, John Glen, the Economic Secretary to the Treasury, laid out the UK’s vision to be a global hub for cryptoasset technology.

Establish Crypto Asset Engagement Group

It is reported by the New York Times that 42-year-old Rishi Sunak, born to Indian immigrants, became Britain’s first color leader in a tough economic environment.

He encouraged the crypto industry in his former role asUK’s Chancellor of the Exchequer, the government’s chief financial minister.

A “Crypto Asset Engagement Group” comprised of individuals from the industry and regulatory agencies has been established to advise the government on digital assets in April.

Read More: UK’s New Prime Minister, Rishi Sunak On NFTs, Crypto & CBDCs!

Moreover, he called for an analysis of how tax policies could be modified to promote the growth of crypto markets.

“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” he said.

He further explained, ”We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term. This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

Instructing Royal Mint to Create an NFT

The Royal Mint was also instructed to create a non-fungible token as part of his support of crypto.

Read More: EU Official Says Parliament Is Working On A Resolution On NFTs!

“Chancellor Rishi Sunak has asked RoyalMintUK to create an NFT to be issued by the summer. This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK.”

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Jamilatul Mahmudah

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