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The United Kingdom Sees a Bright Future for the Industry as It Strives to Become a “Global Hub for Crypto Asset Technology”

The government of the United Kingdom has made a series of statements aimed at transforming the country into a “global cryptoasset technology hub.”

The government has taken steps to recognize stablecoins as a legal tender in the country. The UK government has also cleared the way for the country to issue its own non-fungible token (NFT), with Prime Minister Rishi Sunak pushing for an issuance this summer.

“We shouldn’t be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory ‘code’ — like computer code — which we refine and rewrite when we need to,” declared the Economic Secretary to the Treasury, John Glen.

Through a Cryptoassets Taskforce, the Treasury and regulators are striving to create a dynamic regulatory landscape, according to Glen.

A Cryptoasset Engagement Group will also work with the crypto industry more closely. The package also contains legislation to create a “financial market infrastructure sandbox,” which will aid businesses in their efforts to innovate in the area.

Glen mentioned: “Because we want this country to be a global hub – the very best place in the world to start and scale crypto-companies,” basically saying that the UK is “open for crypto businesses.”

“It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” said Rishi Sunak, the Chancellor of the Exchequer.

The announcements came only days after Bank of England Governor Andrew Bailey highlighted crypto worries for the second time. Bailey, speaking at the UK central bank’s “Stop Scams” conference, warned that crypto is the new “front line” of criminal scams.

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