Latest News

The UK Intends to Become a Crypto Hub: Economic Secretary

Economic Secretary to the Treasury Richard Fuller, in his statement, said the United Kingdom aims to become the country of choice for people looking to create, innovate, and build in the crypto arena.

In his first crypto discussion in Westminster this week, Fuller said that the new government led by Liz Truss is seeking ways to acquire a global competitive advantage for the country. Fuller, in his statement, said that the UK could either be a spectator as the digital currency transforms our lives or become the best place globally to start and scale crypto technologies. And hence, the UK aims to be the dominant global hub for crypto technologies and will build on the strengths of the thriving fintech sector, the creation of new jobs, and the development of groundbreaking new products and services.

The need for a regulatory framework

Fuller also states that the new administration is dedicated to the Financial Services and Markets bill. The recently introduced bill proposes significant changes to the regulation of UK financial services, including the creation of a regulatory framework for stablecoins.

As per the words of the Treasury official, to channel the advantages of stablecoins to reduce costs and enhance services, the measure will strengthen the regulatory framework currently in action. The Bank of England released its Financial Stability Report earlier in the year, highlighting the drastic decline in cryptocurrency prices followed by the major sell-offs in May and June this year.

The Bank of England acknowledged that the collapse did not fully destabilize financial stability. However, it also warned that stricter restrictions are inevitable in order to safeguard the broader financial system in the future.