During the parliamentary debate on the topic of crypto regulation, Richard Fuller, the Economic Secretary to the Treasury, noted that the country should be creating a hospitable space for people who want to be creative and innovative within the crypto industry. He believes that it will be possible under Truss and her more progressive views on many issues including the UK’s economy which has been struggling since Brexit.
The new government plans to move ahead with the Financial Services and Markets Bill that should bring more regulations allowing the incorporation of stablecoins in the UK’s monetary system. The introduction of fiat-pegged coins will make the economy more flexible and provide a strong foundation for other regulations that would allow the country to provide a healthier environment for those who want to start trading crypto assets.
Fuller has a vision of the UK’s economy where people can easily trade, exchange, buy, and mine crypto assets without any limitations outside of regulatory rules that would protect citizens from scammers. He noted that the importance of blockchain technology continues growing across various industries and believes that the UK should embrace it instead of creating obstacles in its way.
The Secretary also added that he would like the UK to become home to crypto, a global blockchain hub where new products and services could be developed and hosted. Many sectors could benefit from policies relaxing the stance of the government on the issue of crypto regulation. Fintech, healthcare, logistics, and other sectors of the economy create more value with the implementation of blockchain solutions.
It is interesting that the UK government has such plans and publicly talks about the necessity to adopt crypto on some levels including the incorporation of stablecoins into their monetary system.
Some critically important regions of the world are interested in using crypto for their international affairs. South and Central America, the Middle East, and Asia are all very bullish on crypto and invest in various blockchain technologies heavily. The UK government does not want to lose its grip on international trade. They see the future of cryptocurrencies and want to be part of it.
