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Plan to become a ‘cryptoassets hub’ may just be the UK government hedging its bets

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In a busy start to April 2022 for the British chancellor, Rishi Sunak announced his intention to make the UK a “global hub for cryptoassets technology”.

Put simply, this means he wants the country to be an attractive place for cryptocurrency companies to operate. For the government, this requires a delicate regulatory balance between preventing financial crime and protecting consumers, and allowing cryptocurrencies to flourish.

If all goes to plan, greater engagement with the sector could result in a welcome boost to the UK economy. It’s early days of course, and many central banks and economists remain unsure of the role cryptocurrencies should play in a nation’s financial makeup.

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