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The UK government has recently unveiled a set of detailed plans to become a “global hub for crypto-asset technology.” The plan includes proposing new regulations for stablecoins including working with the Royal Mint to create a non-fungible token (NFT).
Pro-crypto Stance of the UK Government
On Monday, the British government set out several initiatives as part of its larger plans to make the U.K. “a global crypto-asset technology hub.”
“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,” the UK’s Chancellor of the Exchequer Rishi Sunak said in a press release.
One of the first steps includes regulating stablecoins to have them used “in the UK as a recognized form of payment.” Additional measures include the government working with the Royal Mint, which produces the UK’s official currency to launch an NFT to be issued by the summer that will act as an “emblem” of the “forward-looking approach.” https://twitter.com/hmtreasury/status/1510971092072079360 Furthermore, the Financial Conduct Authority (FCA), the country’s financial regulator will also lead a so-called “crypto sprint,” including establishing an engagement group to work with the crypto industry.
“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,” Sunak added.