UK To Retain Crypto Hub Despite New Prime Minister

Two days after Liz Truss was officially named the country’s prime minister, Economic Secretary Richard Fuller took part in a debate in parliament about the UK remaining a major Crypto Hub.
 UK To Retain Crypto Hub Despite New Prime Minister
UK To Retain Crypto Hub Despite New Prime Minister

The U.K. Economic Secretary to the Treasury Richard Fuller said in the first Westminster crypto debate on Wednesday that the UK wants to “become the Crypto Hub, that is a country of choice for those who want to create, innovate, and build in the crypto space.”

Liz Truss officially took over as the leader of the UK on Tuesday, when Boris Johnson stepped down. She made Kwasi Kwarteng her finance minister right away. Fuller was already the secretary of the economy. After John Glen quit on July 8, he was put in charge of that job. In April, Glen and the Finance Minister at the time, Rishi Sunak, who also quit at the beginning of July, said they wanted to make the U.K. a hub for crypto.

In terms of laws and rules, the U.K. tries to catch up to the European Union, which is close to passing a crypto bill that covers a lot of ground and puts a lot of emphasis on stablecoins.

“By making this country friendly to crypto technologies, we can attract investment, create new jobs, get more tax money, create a wave of innovative new products and services, and move the U.K. financial services into a new era,” Fuller said in the debate.

The Truss government plans to keep working on the Financial Services and Markets Bill, which is meant to help regulators keep track of cryptocurrencies like stablecoins that are used for payments. The bill’s second reading was on Wednesday, and now it’s going to committee, where it will be broken down in more detail.

Fuller also said that the government plans to move forward with the Economic Crime (Transparency and Enforcement) Bill, which will give law enforcement the tools they need to seize and recover crypto assets. Fuller also said that he agreed with the government’s goal of putting certain crypto assets under the Financial Promotions Regulation to help make advertising more clear.