The United Kingdom’s new prime minister is an apparent fan of digital assets, saying he wants to make the country a hub for crypto technology.
According to the New York Times, Rishi Sunak, 42, the son of Indian immigrants, has become the first person of color to lead Britain and his leadership comes during challenging economic times.
In Sunak’s former role as UK’s Chancellor of the Exchequer, the government’s chief financial minister, he rolled out initiatives to encourage the crypto industry.
In April, he announced the establishment of a “Crypto asset Engagement Group” comprised of those from both the industry and regulatory authorities to advise the government on how to address digital assets. He also called for an analysis on ways to modify tax policies to encourage growth of the crypto market.
“It’s my ambition to make the UK a global hub for crypto asset 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.”
Another expression of his support of crypto was to instruct the Royal Mint to create an NFT (non-fungible token).
“Chancellor Rishi Sunak has asked RoyalMintUK to create an NFT to be issued by the summer. This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK.”
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