UK economic secretary commits to make country a crypto hub under new PM

UK economic secretary commits to make country a crypto hub under new PM

Richard Fuller, Economic Secretary to Treasury, stated that the government wants the United Kingdom “to be the dominant global hub for crypto technology.”

Fuller spoke out in support of “powerful” uses for cryptocurrency and blockchain technology in a Wednesday parliamentary debate about crypto asset regulation in U.K. Fuller also supported the use of distributed ledger technology to facilitate customs and international trade, and the storage and retrieval of medical records on the Blockchain. Alexander Stafford, the private secretary of the newly elected PM Liz Truss in Parliament, said that the prime minister had “reaffirmed” her commitment for providing internet connectivity to U.K. residents. This could allow them to buy, sell, and mine crypto.

Fuller stated that “As crypto technology grows in importance, the U.K. Government seeks ways to achieve global competive advantage for the United Kingdom.”

The economic secretary said:

“We want to be the country of choice for people looking to build, innovate, and create in the crypto space […]. By making this country a welcoming place for crypto technologies, it can attract investment, tax revenues, create new jobs, attract new investments, create new products, and bring the UK’s financial services industry into a new era.

Fuller stated that Truss allows the U.K. government to continue with the Financial Services and Markets Bill. This July legislation was designed to create a regulatory framework for stablecoins. He also suggested that he support the Economic Crime (Transparency and Enforcement) Act which would give law enforcement new powers to seize and retrieve cryptoassets.

Fuller stated, “The U.K. has two options: it can be either a spectator to the technology changing aspects of our lives or we can make the U.K. the best place in world for scaling crypto technologies.” “We want the U.K. as the global leader in crypto technologies. We will leverage the strengths of the UK’s fintech sector to create new jobs and develop innovative products and services.

Related: A disgraced MP says Parliament UK can be crypto’s ‘home’

After John Glen and other high-ranking officials in the U.K government resigned in July, Fuller was appointed economic secretary. This was in response to allegations that Boris Johnson had committed misconduct. Fuller’s appointment shakes up positions that could have an impact on crypto policy. Truss also named Kwasi Kwarteng, the chief financial minister, as chancellor at the exchequer.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Amy Jimenez

Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami