The UK Wants to Be The "Global Hub for Crypto"

A statement from the Treasury pointed to several immediate action items. Measures included bringing stablecoins within regulation to pave the way for their future use as currency, as well as working with the Royal Mint to create an NFT.

“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,” said Chancellor of the Exchequer Rishi Sunak.

The UK government’s increasing interest in crypto will come as good news to many.

Among the items mentioned in the statement, a “financial market infrastructure sandbox” drew much attention. The sandbox will function as a playing field on which companies can experiment and innovate. In particular, the sandbox will enable Distributed Ledger Technology to be tested in real-world use cases.

Stablecoins, too, will be brought under the umbrella of the standard payments regulatory perimeter. Lawmakers hope that stablecoins, with appropriate regulation, could provide a more efficient means of payment, as well as widen consumer choice.

To further demonstrate the UK’s forward-looking approach to crypto, the Chancellor has commissioned the Royal Mint to create a commemorative NFT this summer.

“We want to see the businesses of tomorrow – and the jobs they create - here in the UK,” said Sunak. “And by regulating effectively we can give them the confidence they need to think and invest long-term.”