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First, it is important to establish what Truss’ views on cryptocurrencies and fintech were.just three days after her small victory boris johnsonOn the role of , Truss reaffirmed the UK’s promise to become a global hub for cryptocurrencies.
Truss took the helm as the Financial Services and Markets Bill held its second reading in Congress. Richard FullerThe Treasury’s economy secretary said the government wants the UK to become a “major global hub for cryptography”.
according to work Cloud, he went on to say: We want to be the nation of choice for those who aspire to create, innovate and build in the crypto space.
Making the country a crypto-friendly place will attract investment, create new jobs, benefit from tax revenue, create a wave of groundbreaking new products and services, and boost UK financial services. We can bridge the current position to a new era.
Fuller continues:
We want the UK to become a leading global hub for crypto, leveraging the strength of our thriving fintech sector, creating new jobs and developing groundbreaking new products and services. To do.”
Truss’ government was clearly in favor of making changes to improve the UK fintech market, but will this be followed by Sunak? It can be taken as a yes because it has acted in a way that suggests it helped develop the
While Prime Minister, he helped spearhead the Financial Services and Markets Bill (discussed above by the Truss in Parliament).If this is passed into law, local regulators Broad power over the crypto industry Start by bringing asset-pegged cryptos like stablecoins into the realm of payment regulation.
At the time of writing, the bill is still in a very critical stage. Early stageNow in the committee stage, a third reading is needed before a further decision is taken to send it to the Senate for approval.
In addition, the country’s coin producers, royal mintwas tasked with creating a Non Fungible Token (NFT) collection while Sunak was Prime Minister, but this has yet to materialize.
Sunak came to power at a very difficult time, yet the fintech industry generally seems to support him.
Lars Thayer Christensen,Chairman Concordium Founder with Saxo Bankthe Danish investment bank said:
“But what can guarantee him going down in history is his choice to tackle the recession his country is facing and the fragile economic environment that the previous prime minister has only managed to exacerbate. My guess is that one way he could do this is by completing what he started as FM and Treasury Secretary: making the UK a global cryptocurrency hub.
From proposing a UK CBDC, to mandating the Royal Mint to create government-backed NFTs, to pushing legislation aimed at regulating crypto in the UK (the Financial Services and Markets Bill), Sunak is just a crypto enthusiast. Instead, he has shown time and time again that he is willing to put his legislation in his mouth, so to speak, and it will be interesting to see how he continues to do so in the coming months. Exciting.
Time will tell, but I believe Sunak should be given a chance. Starting with his attitude to cryptography, perhaps a breath of fresh, young air is exactly what Downing Street needs.”
martin cheekManaging Director smart searchAML and cybersecurity organization has a broader view, commenting: A healthy British tech sector, key to his objective of the nation’s financial success, has always been high on his Sunak’s political agenda.
Despite delusional remarks on some fronts, there is no question that the UK tech sector needs a heavy blow to the arm. It is my best hope.
Just one example. Sunaks knowledge of the financial markets will certainly increase the chances of Fintech skyrocketing in the UK over the next decade. is no longer possible.
“While attractive technology categories such as semiconductors and quantum computing get the most press, Sunak’s goal, if achieved, could create fertile ground for all technology businesses to thrive. The more confidence UK tech companies have in the UK tech sector, the more they can position themselves in China and the US.
Rishi must invest in AI and automation to limit cyber threats to all businesses in the UK.There are a myriad of other benefits.
The UK will have 21 fintech unicorns by 2022, but there is a shortage of unicorns focused on automation and AI to the same extent as their competitors in the US and China.
Sunak’s time in California left a lasting impression on his thinking about how the tech sector should be modeled. And he seems to understand that it leads to positive people who are willing to take risks, all of which can give the economy a big boost.
But no matter what the political party or leadership stands, we are not better at fintech, or broader technology. will lead to.”
Kevin MurcoFounder and CEO coin metrocrypto exchanges, more cautious about what this means for the UK crypto industry, The UK now has a prime minister with a fresh mind on digital currencies and has spoken before about the possibility of streamlining interbank processes, but it is good to hear that he has passed away. Don’t jump to conclusions, woolly cryptocurrency advocates, at least not yet.
His comments so far have focused squarely on central bank digital currencies (CBDCs) rather than the decentralized approach favored by most of the crypto community. It is important not to confuse the two. The two are not the same.
The good news is that Sunak He knows what crypto is and understands the difference between Bitcoin, Ethereum and CBDC. He also seems to appreciate the role such technology can play in protecting and future-proofing London’s dominant position in financial markets.
In a speech at Mansion House in July 2021, the then-Prime Minister laid out plans to keep the UK at the forefront of financial technology and innovation, and the crypto sector was one of four key elements of that vision. This will allow industry representatives to come to the table and be more educated about the untapped potential of the field, so we hope to see a more inclusive and competitive environment for innovators. hoping.
Wrinkled eyebrows and a dubious look lead to outright obstacles and misguided regulation.“
Pavel matveevCEO of UK-based FCA-regulated crypto payment company Wirex Said: Rishi Sunak has always been vocal in his support of cryptocurrencies, especially CBDC.
In July of this year, he was pushing a new law to pave the way for daily cryptocurrency payments, despite the BoE’s concerns about the stability of the technology. Back in April, Sunak set out his ambition for the UK to become a ‘global hub’ for crypto and technology, and that stablecoins should be accepted as a payment method. It means promoting the growth of businesses related to the field.
We are optimistic that we can achieve this in the UK and look forward to seeing what the government can do for the crypto sector.
Taking a closer look at the regulatory side of things, Marcus Sotilieu Analyst at a listed digital asset broker, global block In the UK, there is a clear lack of regulatory clarity around digital assets, leading many companies to seek licenses elsewhere, including crypto market makers. B2C2, Blockchain.com and wallet company Wirex.
Rishi Sunak could help bring greater clarity to UK crypto regulation if he achieves his goals from earlier this year. The pound reached near parity with the dollar soon after, leading to political and economic instability.
Rishi Sunak is believed to be much more competent on economic matters, which may reduce fears in the UK market in the short term. We have financial problems and the next few months will be very difficult.
Francis Bignell
