UK confirms plans to turn London into a crypto hub

The government aims to transform Britain into a “dominant hub for crypto technologies in the world.” This was stated by Richard Fuller, the deputy finance minister for economic affairs, according to CryptoUK.

Statements came as Liz Truss was confirmed as the country’s new prime minister.

Her parliamentary spokesman, Alex Stafford, said the prime minister was committed to ensuring internet access for residents who would be able to buy, sell and mine cryptocurrencies.

Fuller pointed to a range of potential applications for the technology, including use in international trade and storing medical records.

“We want to be a beacon for those who want to create, implement innovations and build in the industry. […] We will be able to attract investments, create new jobs, increase tax revenues […] and preserve the UK’s current position in financial services in the new era,” — the official said.

Fuller noted that the government plans to work on the Financial Services and Markets Bill, introduced in July 2022. The document is intended to create a regulatory framework for stablecoins and to combat economic crime.

Earlier in July, Deputy Governor of the Bank of England Jon Cunliffe proposed regulating cryptocurrencies along the lines of traditional finance.

Previously the Treasury excluded algorithmic stablecoins from the document.

The plan to turn the country into a “crypto hub” was first stated by UK Minister for Digital, Culture, Media and Sport Chris Philp in June 2022.

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