The UK government has shared plans to become a global crypto asset technology hub. 

UK Plans to Become Crypto Technology Hub

During the Innovate Finance Global Summit, which took place on April 4, 2022, the UK government announced details of the plan to become a global hub for cryptocurrency technology and attract investment in the industry. The plan consists of several stages, the first of which involves the realization of the following goals:  

  • adopting stablecoin as an official means of payment for goods and services, as well as an investment; 
  • adopting legislation for a “financial market infrastructure sandbox” (FMI), so companies can experiment and innovate;
  • exploring the opportunities and potential benefits of using distributed ledger technology (DLT) to create sovereign debt instruments; 
  • creating a special Cryptoasset Engagement Group, which would include key figures from the industry and representatives of regulatory agencies, to work more closely with the sector; 
  • exploring ways to make the country’s tax system more competitive for market development;
  • working with the Royal Mint to establish the NFT as a symbol of the UK’s long-term intentions for the industry. 

The program to develop the crypto industry in the United Kingdom was announced by Treasury Secretary John Glen. The official also said that the government would consult on a wider range of issues concerning the regulation of the crypto sector later this year.

Author: Diloram Sultankhodzhaeva
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