Chancellor aims to make UK a “global hub for cryptoassets technology”

Chancellor aims to make UK a “global hub for cryptoassets technology”

British chancellor Rishi Sunak has outlined plans to encourage crypto companies to invest and expand in the UK.

UK.- The British Treasury has outlined plans to create a regulatory framework for cryptocurrency and make the UK a hub for digital payments. The government plans to regulate stablecoins to build confidence in cryptocurrencies and digital transactions.

The Royal Mail will mint NFTs and the government will aim to improve the competitiveness of the tax system to encourage crypto companies to invest in the UK. It will open a consultation on the possibility of extending its Investment Manager Exemption to cover cryptoassets.

Chancellor Rishi Sunak said: “It’s my ambition to make the UK a global hub for cryptoassets technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.

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

“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

Last week, British MPs held an almost two-hour debate in the House of Commons ahead of the delayed publication of the government’s gambling white paper. Anti-gambling campaigner and Labour MP Carolyn Harris led the debate commenting on the big response to government’s consultation on gambling legislation.

Harris, who chair’s the All-Party Parliamentary Group on Gambling-Related Harm, accused gambling operators of seeking to avoid an evidence-led debate on reforms and of failing to offer viable alternatives to fix a “broken” system.

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