Plan to become a ‘cryptoassets hub’ may just be the UK government hedging its bets
theconversation.comIn 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.
But Sunak’s plans featured some eye-catching proposals, including removing tax barriers, and developing a non-fungible token (NFT) with the Royal Mint.
