This UK Parliament member wants the country to be a hub for cryptos
Categories: Crypto News
This UK Parliamentmember wants the country to be a hub for cryptos
Thisstatement was made as part of the parliamentary debate on crypto assetsregulation in the country. He added that with the new PM, the United Kingdomwould become the “dominant global hub for crypto technologies.” LizTruss has assumed the office of the Prime Minister of the UK only thisweek.
The cryptoregulation debate began as Martin Docherty-Hughes, MP, West Dunbartonshireraised this issue in Parliament. In his speech, Fuller underlined the need fora robust set of regulations that would enable the sound functioning of cryptos.
Aqueue of crypto bills
An importantstep in this direction is the Financial Services and Markets Bill. Itaims to harness the benefits of stablecoins. Furthermore, it aims tooffer better services due to a competitive payment systems market. At the sametime, it will safeguard the consumers if a stablecoin provider becomesinsolvent.
Another billin this direction will be the Economic Crime (Transparency and Enforcement)Bill. This will give law enforcement new powers to seize and recover cryptoassets from criminals. Fuller also added that crypto firms mustconduct due diligence checks, similar to how banks do.
In the UK,all the crypto firms in the country need to register with the FinancialConduct Authority (FCA). This rules stands as per the UK’santi-money laundering and counter-terrorist financing regime.
Suchdevelopments are in line with the trend of increasing regulatory oversight intothe digital asset sector globally. Given the circumstances, we will seethe introduction of more rules and regulations. Additional obligations tomonitor the crypto industry may also come up similar to the traditionalfinancial system.
UK toachieve Global Competitive Advantage in the Crypto Space
Fuller alsoexpanded on the usage of distributed ledger technology (DLT) forgovernment programs. He said that the technology has the potential to changehow our financial markets work. The government is looking at developingopportunities in the UK to use DLT for customs, international trade andsovereign debt instruments.
Fuller saidthat the UK is the leading European fintech hub, second only to the USglobally. The government is looking to achieve global competitive advantage forthe UK in the crypto space. This way, the UK crypto industry canattract investment, generate jobs, benefit from tax revenues, and build ground-breakingproducts and services.