UK’s next PM and crypto-friendly Sunak , As a finance minister outlined strategies to make the nation a global center for cryptocurrency.
After Liz Truss’ contentious resignation last week, Rishi Sunak, who oversaw the UK’s new crypto ambitions while serving as finance minister, has been picked to lead the nation.
On Monday, Sunak was picked by his fellow Conservative Party members to succeed Truss, who served in office for only 45 days before being forced to leave when her economic stimulus plan quickly came apart, creating political and economic upheaval.
As finance minister under the late Prime Minister Boris Johnson, Sunak declared he wants to make the United Kingdom a centre for the cryptocurrency industry. He participated in the introduction of the Financial Services and Markets Bill, which, if it becomes law, could grant regional regulators extensive control over the cryptocurrency market, beginning with the inclusion of asset-pegged cryptocurrency like stablecoins under the purview of payment regulations. Under his direction, the Royal Mint, which produces the nation’s coins, was given the responsibility of developing a non-fungible token (NFT) collection, which has not yet been completed.
Sunak’s crypto plans had received support from Truss’ cabinet, but her resignation threatened to upend everything once more. The local cryptocurrency sector, which had discussions with Sunak about crypto policy while he was the finance minister, is expected to be supportive of his appointment as the head of the government.
Adam Jackson, director of policy at Innovate Finance, a U.K. tech sector group that also promotes cryptocurrency, referred to the former finance minister as a “champion of fintech” after hearing of Sunak’s appointment.
Ian Taylor, director of the industry lobbying organization CryptoUK, told CoinDesk through WhatsApp that it was good for both cryptocurrency and the whole economy.
