The UK aims to become the nation of choice and global crypto hub for individuals wishing to develop and build in the crypto industry under the leadership of new Prime Minister Liz Truss. Richard Fuller, the Treasury’s Economic Secretary, took the stage at the inaugural Westminster Crypto discussion on September 7. According to Fuller, the UK is still attempting to catch up to the EU in terms of crypto regulations. The new administration, headed by Liz Truss, will continue to push for a stronger UK presence in the crypto market. Fuller stated during the discussion:
“By making this nation friendly to crypto technologies, we can draw in investment, create new jobs, reap tax benefits, unleash a wave of ground-breaking new goods and services, and improve [the] U.K.’s current situation. a new age for financial services.”
Currently, the UK is reviewing a new financial services and markets law. The new measure aims to assist authorities in controlling crypto used for payments, such as stablecoins. The Economic Crime (Transparency and Enforcement) Bill was also mentioned by Fuller. The purpose of this bill is to grant law enforcement in the UK the authority they need to seize and recover crypto assets. Fuller went on to say:
“The U.K. can either become the best country in the world to start and expand crypto technologies, or we can remain a spectator while this technology alters elements of life.”
Fuller was named economic secretary after John Glen and other senior government figures resigned in July in response to allegations of corruption in the administration of former Prime Minister Boris Johnson, awaiting positions that would have an effect on the country’s national policy. Kwasi Kwarteng was also appointed by Truss on Tuesday to the role of chief finance minister.