The new prime minister of the United Kingdom seems to be a lover of digital assets and has stated his desire to turn his nation into a centre for crypto technology.
Rishi Sunak, 42, the son of Indian immigrants, has reportedly become the first person of colour to govern Britain, and his leadership comes at a difficult moment for the country’s economy.
When Sunak served as the UK’s Chancellor of the Exchequer—the government’s top financial official—he launched programmes to support the cryptocurrency sector.
He announced in April the formation of a “Crypto Asset Engagement Group” made up of representatives from the sector and regulatory bodies to advise the government on how to handle digital assets. He also demanded an investigation into how tax laws may be changed to promote the development of the cryptocurrency business.
“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. 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. This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”
His directive to the Royal Mint to produce an NFT was another indication of his support for cryptocurrency (non-fungible token).
“Chancellor Rishi Sunak has asked RoyalMintUK to create an NFT to be issued by the summer. This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK.”
