Shocking crypto news from the UK. The Finance Minister there, Rishi Sunak, announced today that he wants to make the UK a “global center for crypto asset technology”. In addition, Sunak had asked the Royal Mint for non-exchangeable tokens (NFT) to make.
‘Global crypto hub’
Formally announcement Today we read that Sunak wants to implement a large package of actions with the aim of making the UK a leader in crypto. Included in this package are “regulation sandbox,” which is a kind of regulatory framework within which companies can operate more freely without having to worry about overly stringent laws and regulations.
Sunak has a clear vision, which is to let the UK lead in crypto. Although the initial focus appears to be primarily on stablecoins, which “will be brought under laws and regulations” so that they can be “recognized as means of payment.” The Minister added:
“My ambition is to make the UK a global hub for crypto asset technology, and the steps we have outlined today will enable companies to invest, innovate and thrive in the country. […] We want to see the businesses of the future – and the jobs they create – here in the UK, and by managing effectively we can give them the confidence they need to think and invest in the long term.”
Royal Mint will reach NFT
Additionally, the Royal Mint, or British royal candy, will start printing NFTs. This “is emblematic of the forward-looking approach the UK is seeking to take.” Looking at the European Union, we see that the UK is leading with this attitude alone.
This decision demonstrates the forward-looking approach we intend to take towards crypto assets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
While the UK is opening its doors further for crypto companies, the EU is doing the opposite. Last week the ECON committee passed the law. The law will protect privacy unhosted wallet to curb. The law is currently under further discussion and is of course not yet in effect. However, that is problematic. Why are you reading in this article.
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