The United Kingdom has reportedly appointed pro-crypto Rishi Sunak as the next prime minister following the resignation of Liz Truss from the office last week. Many crypto enthusiasts are thrilled by the announcement, with hopes that the UK crypto market could gain a big boost from Sunak’s government.
Rishi Sunak becomes the new UK prime minister
Sunak’s victory was confirmed on Monday, making him the third prime minister of the UK, just after Boris Johnson and Liz Truss, who resigned 45 days after assuming the office. The Former Finance Minister is expected to help relieve the tension in the UK economy. One other area that could see the light from Sunak’s regulation is cryptocurrency.
Then, as Finance Minister, Rishi Sunak held pro-stance on cryptocurrency regulation. Earlier this year, he proposed plans to transform the United Kingdom into a “crypto-friendly” technology hub. Under the proposal, Sunak sought to make stablecoins recognized as a valid medium of payment in the 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.
Rishi Sunak
Sunak had also asked the UK’s Royal Mint, the official maker of UK coins, to launch an official NFT collection of the nation. However, this proposal was later met with criticism, with some saying it was a “poorly judged gimmick.”
Crypto companies are keen on operating in UK
The UK government has yet to formulate clear regulations for cryptocurrencies, but several companies remain keen to expand into the country. Earlier this month, Financial Conduct Authority (FCA) executive, Sheldon Mills, said many crypto companies keep reapplying for licenses despite being rejected at the first attempt.
Mills said, “It’s no surprise that I still see many crypto firms still seeking to get licenses here in the U.K. even though some have been denied those licenses at the first pass.”
