- 6 October 2022
- Posted by: Cryptovalues
- Category: Companies, Cryptovalues News, World News
The will of Britain’s political leadership has always been directed toward making the country a “hospitable place” for the industry.
With the new government comes a kind of officialdom, so much so that it moved promptly to make its position known thanks to a speech recently delivered in the House of Commons (HoC) by Richard Fuller, Economic Secretary to the Treasury, who said that the UK now has a choice between “being a bystander while this technology transforms many aspects of life, or becoming the best place in the world to start and scale crypto technologies. The government has chosen the second path.”
In July, Chancellor of the Exchequer Rishi Sunak had announced a push to make the U.K. a “crypto hub” in the context of healthy realism and building the infrastructure to prepare to oversee cryptocurrency issuers and traders in a way that adequately protects investors.
Since then, however, the United Kingdom has seen major and even momentous changes with the passing of Queen Elizabeth II and the appointment of Liz Truss as premier, with the government reshuffle that followed.
But the will to move forward in the crypto industry has not changed; indeed, it seems that with these statements the government has dispelled any doubts.
As Fuller explained in his speech to the House, “the UK government is seeking a competitive advantage for the UK.” Part of this quest seems likely to involve greater adoption of cryptocurrencies and blockchain technologies.
But he went further by manifesting an almost complete openness to digital technology:
“We want to become the country of choice for those who want to create, innovate and build in the cryptocurrency space,” Fuller said.
“We are already the leading European fintech hub, second only to the United States globally. By making this country a hospitable place for cryptocurrency technologies, we can attract investment, generate new jobs, benefit from tax revenues, create a wave of new cutting-edge products and services, and bridge the current position of British financial services into a new era.”
Both premier candidates had emphasized how much they cared about advancing the digital projects they started in recent times by declaring themselves strong supporters of cryptocurrencies.
In Northern Europe, the digital industry will continue to expand thanks to the forward-looking mentality of those who govern the countries.