The UK is set to become a global crypto-assets hub as recently announced by the chancellor, Rishi Sunak. This means we will soon see the use of Stablecoins being accepted as a valid form of payment across the UK.
The UK is keen to be at the forefront of using cutting edge technology that can attract investments and jobs and create more consumer choice and demand. The Treasury also announced that it has asked the Royal Mint to create a NFT, also known as a non-fungible token, to showcase Britain as at the forefront of technology innovation.
The government has released a series of measures to enforce its plans, such as:
- Introducing Stablecoins as a stable form of payment, the currency will be regulated and will pave the way for digital currencies to be used in the future
- To allow businesses to experiment and innovate, a “financial market infrastructure sandbox” will be introduced
- Creating a “Cryptoasset Engagement Group” so they can work together with the industry
- Searching for ways to increase the competitiveness of the UK tax system to advocate further progress in the Cryptoasset market
- Working with Royal Mint to create an NFT (Non-Fungible Token) this summer
Chancellor of the Exchequer, Rishi Sunak, said: “It’s my ambition to make the UK a global hub for Crypto Asset technology. The measures we’ve outlined today will help 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.”
“This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”
The government has recognised the power of this technology. Getting ahead and regulating it now allows financial stability and high regulatory standards, creating a safer and more reliable payment method before scammers have the opportunity to disrupt and cause harm.