Finance Minister of UK government, Rishi Sunak has directed that the NFT be created and issued by the Royal Mint before the summer. The Royal Mint is a government-owned enterprise that mints coins for the United Kingdom. Sunak also mentioned that further information about the NFT minting will be accessible shortly.
UK government aims to dominate crypto industry
When it comes to cryptocurrencies and the technology that surrounds it, the UK government says it wants to “lead the way.” The government has put plans in place to guarantee that the crypto economy in the United Kingdom is properly regulated.
The strategy involves consultation on a “world-leading system” for ensuring effective regulation of crypto trading such as Bitcoin. It also plans to include several stablecoins into the UK’s payment infrastructure. It will include permitting service providers and stablecoin issuers to “operate and develop” in the UK.
The Law Commission will be asked to investigate the legal validity of blockchain-based communities known as decentralised autonomous organisations (DAOs). Another area in which the government is interested is the use of blockchain technology in the issuance of debt securities.
UK government establish proper regulatory framework
Glen stated that, while the government is working to govern the crypto business, it should not be viewed as a monolithic, inflexible entity. He suggested that stakeholders focus on the regulatory code, which can be updated and changed as needed.
The government plans to create a regulatory framework for stablecoins and crypto assets. Stablecoins are gaining popularity and recognition as a less volatile type of crypto asset. They are frequently tied to a fiat currency, particularly the US dollar, which makes them more appealing to certain individuals.
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