The UK Government's Crypto Hub Ambition Gains Momentum
Andrew Griffith, MP, the Economic Secretary to the Treasury, is as committed as ever to making the UK a global crypto hub. He recently reaffirmed the government's ambition in a statement: “We must make the UK a place where crypto asset firms have the clarity needed to invest and innovate and where customers have the protections necessary for confidently using these technologies.”
Economic Secretary Reaffirms Commitment
Britain’s Economic Secretary to the Treasury, Andrew Griffith MP, has reaffirmed the government’s ambition to make the UK a global hub for crypto asset technologies.
In response to the consultation and call for evidence on the future regulatory framework for crypto assets, Andrew Griffith shared his enthusiasm: "I am very pleased to present these final proposals for crypto asset regulation in the UK on behalf of the government."
Steadfast Ambition
"The government’s ambition to make the UK a global hub for crypto asset technologies remains steadfast," Griffith declared. “To realize this ambition, we must make the UK a place where crypto asset firms have the clarity needed to invest and innovate and where customers have the protections necessary for confidently using these technologies,” the Economic Secretary to the Treasury added.
The Path Forward
The UK government published its consultation paper on the future of crypto regulation back in February. “We set out extensive proposals for a UK regime, including plans to regulate core activities such as custody and lending and to bring centralized crypto asset exchanges into financial services regulation for the first time,” Griffith explained, adding:
"With the future regulatory framework now taking clear shape and the Financial Services and Markets Act now passed, the UK is the obvious choice for starting and scaling a crypto asset business."
A Financial Powerhouse
Griffith stated that the UK is the world's largest financial center outside the US and mentioned that the value of the country's tech industry exceeds USD 1 trillion. He said: "We are only the third country to hit this valuation after China and the US."
Crypto-Ready UK
Griffith noted, “Unsurprisingly, the UK consistently ranks at or near the top of research reports on ‘crypto-readiness’ and ‘crypto-friendliness,’” adding:
"I look forward to our continued work with the sector to make our vision a reality for the UK as a global hub for crypto asset technology."
From Ambition to Action
The UK government's journey to becoming a global crypto powerhouse began last year when it unveiled its comprehensive plan. British Prime Minister Rishi Sunak, the Chancellor of the Exchequer at the time, shared his ambition: "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." The commitment has remained unwavering, with John Glen, the UK’s Economic Secretary to the Treasury at the time, stating: “We want this country to be a global hub, the very best place in the world to start and scale crypto-companies.”
Do you think the UK will become a global crypto hub? Please share your thoughts and opinions in the comments section below.
0 Comments