The UK government has announced plans to turn London into a crypto hub 16

The UK government has announced plans to turn London into a crypto hub

The government aims to make the UK “the world’s dominant crypto-technology hub”. This was stated by the Deputy Minister of Finance for Economic Affairs Richard Fuller, writes CryptoUK.

The statements come against the backdrop of the confirmation of Liz Truss as the country’s new prime minister.

Its MP, Alexander Stafford, announced the Trust’s commitment to provide internet connectivity for residents to access cryptocurrency trading and mining.

Fuller pointed to various application scenarios for the technology, including use for international trade and medical records.

“We want to become the go-to place for those who want to create, build and innovate in the crypto industry. […] We will be able to attract investment, create new jobs, increase tax revenue […] and maintain Britain’s current position in the financial services of the new era” – said the employee.

The deputy finance minister noted that the government plans to work on an economy and markets bill introduced in July 2022. The document is aimed at creating a regulatory framework for stable connections and fighting crime.

In the same month, the deputy governor of the Bank of England, John Cunliffe, proposed to regulate cryptocurrencies by analogy with traditional finance.

The Treasury previously excluded algorithmic stablecoins from the document.

Plans to make the country a “crypto hub” were first announced by the UK’s Minister for Digital, Culture, Media and Sport, Chris Philp, in June 2022.