Boris Johnson resignation may halt U.K. crypto regulations

Boris Johnson, the Prime Minister of the United Kingdom and the leader of the Tories, publication Resigned as party leader on July 7. He said he would continue his duties as interim prime minister until his successor was properly elected in the fall.

However, many policy makers have questioned the validity of his temporary obligations and have resigned from their own standpoint. This includes senior office officials working on stablecoin regulations.There is no way to know how these changes will affect the adoption of crypto regulations in the UK

Resignation

It was reportedly around 40 resignation The identities of these individuals have not been revealed.

Anyway, UK Treasury Minister Rishi Sunak tells him Resignation The day before Johnson did it. Snacks publicly support cryptocurrencies and recently argued that Britain should become a crypto hub in Europe. Following Snack’s resignation, Economic Secretary John Glenn also resigned.

Johnson before he resigns Appointment Nadim Zahawi, Minister of Education and Business as the new Minister of Finance. He has no publicly disclosed attitudes of pros and cons to cryptography.When he arrives, the news source Release An article calling Zahawi to emphasize the importance of carrying out a snack encryption effort.

Bank of England Deputy Governor Jon Cunliff hinted at the resignation of snacks.The Treasury said it plans to establish a regulatory framework for Stablecoin “Maybe late due to recent events” June 6th.

Rule

After the UK decided to evolve into a crypto hub in Europe, it rolled its sleeves for the crypto framework.

Inspired by the LUNA catastrophe, HM Treasury said on May 17 that it would begin by regulating stablecoin to prevent such disasters from harming UK investors. By the end of the month, there was already legislation on this subject.

Since then, there have been no updates regarding the stablecoin framework or more comprehensive cryptographic regulations. But since the Treasury’s announcement, policymakers have talked about certain parts of cryptographic regulation.

Some demand crypto “attractive” rates to motivate hiring, while others are looking at DeFi for taxation. Meanwhile, the country’s central bank is calling for stricter and more comprehensive cryptographic regulations, emphasizing the current magnitude of losses from the bear market.

None of these calls have been officially answered by lawmakers. It’s only a matter of time before the new Johnsonless government reveals how it will push crypto regulations.