What Rishi Sunak becoming the UK’s next prime minister could mean for crypto
After acting Prime Minister Liz Truss’ resignation last week, and rumours over the weekend about the return of Boris Johnson, it has been announced this afternoon that Rishi Sunak will be taking on the role.
In his position as Chancellor of the Exchequer, Sunak led the UK economy through the COVID-19 pandemic. As he closes in on the role of prime minister, he claims he will fix the economy once more.
“I want to fix our economy, unite our Party and deliver for our country,” Sunak tweeted on Sunday.
Early this year, Sunak proposed some ways the UK could become a “crypto hub” that would support businesses and, in turn, those who work for them.
In April, the UK government announced its plan to make the country “a global cryptoasset technology hub”.
Headed up by Sunak, Finance Minister at the time, in brief the plan aims to “ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs and widening consumer choice,” according to the government’s website.
Speaking on the initiative back in April, Sunak said: “The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.
“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term”.
In its initial stages, the government advises the strategy will be based on testing. It plans to introduce a “financial market infrastructure sandbox” to enable firms to experiment and innovate in cryptoasset technology.
The next step will be to establish a Cryptoasset Engagement Group, which will work closely with the industry and explore ways of enhancing the competitiveness of
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