The U.K. government unveiled a detailed plan for making the country a crypto-friendly place and a global hub. It also includes creating a regulatory framework for crypto and regulating stablecoins.

U.K. Wants to Be ‘the Very Best Place’ to Start and Scale Crypto Companies

The British government unveiled several initiatives Monday as part of its plan to make the U.K. “a global cryptoasset technology hub.”

They include regulating stablecoins and legislating for a financial market infrastructure sandbox to help firms innovate, holding a Financial Conduct Authority-led Cryptosprint with the Royal Mint, working with them on a non-fungible token, NFT, and establishing an engagement group that will work closer with the crypto industry.

Rishi Sunak (British chancellor of exchequer) commented on

It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.

John Glen (UK’s economic secretary for the Treasury) spoke Monday at Innovate Finance Global Summit about the government’s crypto strategy.

” We want this country be a global hub — one of the best places in the world for starting and scaling crypto-companies,” he said, adding:

If there is one message I want you to leave here today with, it is that the U.K. is … open for crypto businesses.

” If crypto-technologies will be a major part of the future then the U.K. wants to be there and on the ground floor. The economic secretary stated that if we take action now, we can be the leaders.

A Detailed Plan to Lead the Crypto Space and Regulation of Stablecoins

Commenting Monday’s “a detailed plan” by the British government, Glen said that “the way in which we regulate crypto-technologies must be dynamic.”

We shouldn’t be thinking of regulation as a static, rigid thing. Instead, we should think in terms of regulatory code…like computer code…which we refine and rewrite as needed.

He then spoke about stablecoin regulation. He said, “I can confirm that our payments framework will include certain stablecoins… creating conditions for stablecoin service providers and issuers to operate and grow in U.K.”

Regarding regulation of the wider crypto market, the economic Secretary clarified that: “We believe the market has changed sufficiently to allow us to look at regulating more crypto activities such as trading tokens like Bitcoin… and will consult on a global-leading regime .”

Remarking on crypto taxation, the author said that he didn’t believe the tax code would need major surgery to make crypto-taxation more efficient. However, we will be looking at specific issues such as the treatment of defi [decentralized finance], loans, and staking .”

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Government to Work With Royal Mint on an NFT

Before concluding his speech the economic secretary confirmed that

I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token – an NFT … to be issued by the Summer.

Regarding the future of crypto in Britain, he acknowledged that “No one knows for certain.” However, the economic secretary stated:

We think that by making this country a hospitable place for crypto we can attract investment … generate swathes of new jobs … and create a wave of ground-breaking new products and services.

What do you think about the British government’s plan to be a global crypto hub? Comment below.

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