en
Back to the list

Crypto-Friendly Rishi Sunak Becomes UK’s New Prime Minister

source-logo  coinculture.com 28 October 2022 18:00, UTC

Rishi Sunak, who oversaw the UK’s new crypto ambitions as finance minister, has been selected as the country’s next prime minister following the contentious resignation of Liz Truss last week.

You might also like

UK Crypto-Focused Group Urges New PM Sunak to Clarify Crypto Policies

New York Man Faces 25 Years In Prison For Bitcoin Money Laundering

Beyond Bitcoin: The Future Of Crypto Investments

On Monday, fellow Conservative Party members chose Sunak to succeed Truss, who resigned after 45 days in office because her economic stimulus plan quickly unravelled, causing political and economic upheaval.

Rishi Sunak. Image: Akilligundem

During his tenure as finance minister under ex-prime minister Boris Johnson, Sunak declared his intention to transform the United Kingdom into a cryptocurrency hub. He was instrumental in introducing the Financial Services and Markets Bill, which, if enacted, could grant local regulators broad authority over the crypto industry, beginning with bringing asset-pegged cryptocurrencies such as stablecoins under the purview of payments legislation. Under his direction, the Royal Mint was charged with developing a non-fungible token (NFT) collection, which has yet to materialise.

Truss’s administration had pledged support for Sunak’s crypto plans, but her resignation threatened to cause further disruption. The local crypto business, in contact with Sunak over crypto policy throughout his stint as finance minister, appears pleased with his appointment as prime minister.

Following the announcement of Sunak’s appointment, Adam Jackson, head of policy at Innovate Finance, a UK tech sector organisation that advocates for cryptocurrencies, referred to the former finance minister as a champion of fintech.

“It’s a positive for crypto and the general economy,” said Ian Taylor, director of the industry lobby group CryptoUK.

coinculture.com