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UK politicans are expressing the need for a strong push from the government on crypto regulation to help the country compete to be a center of activity in the cryptoasset space.
Desaire to Become a Crypto Hub
The UK government has officially launched the Financial Services and Market Bill, which has been highly anticipated by the crypto community recently because it includes regulations governing stablecoins to apply in the domestic payment sector.
The bill sent to the parliament on 20 July was accepted. However, for the financial services and market side to be legal, it must be approved by the House of Commons and then the House of Lords.
UK Finance Minister Nadhim Zahawi said of the bill:
It’s my ambition to make the UK a global hub for crypto-asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.
The support of Mr. Zahawi, who has made it his mission to make the UK a global hub for crypto-asset technology, is of paramount importance in the adoption of this bill.
To accomplish this goal, the Finance Minister made a series of moves, including:
- Issued a policy governing stablecoins, making it a recognized payment option.
- Developed an experimental regulatory framework to incentivize new industry advancements, aiming for completion by 2023.
- Ordered a study on how to increase tax competitiveness in the UK to boost the crypto industry.
- Hosted the “CryptoSprint” conference in May 2022 to solicit input from major players in the crypto industry.
- Established the Crypto Assets Research Group to advise the government on crypto-related issues.
- Directed the Royal Mint to release a special NFT in summer 2022.
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