New UK Government Signals Move to Swiftly Embrace Crypto

The new U.K. government has moved promptly to make its position on cryptocurrencies known, and has signaled its intent to make the country a “hospitable place” for the industry.

In a speech delivered to the House of Commons (HoC) on Wednesday, Richard Fuller, the Economic Secretary to the Treasury, said that the U.K. now had a choice to “either be a spectator as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies. The Government choose the latter course.”

Country aims to become crypto hub

For some time the U.K. has been seeking to position itself as a leader in cryptocurrency and its technologies. In April, then Chancellor of the Exchequer Rishi Sunak outlined the ambitions of that government “to make the U.K. a global hub for crypto asset technology.”

Since then however the U.K. has had a change of prime minister and government, with Liz Truss appointed to office by the late Queen Elizabeth II on Tuesday. With the change of PM and a cabinet reshuffle, industry leaders may be forgiven for harboring some concern.

Government quashes crypto fears

It now appears that the government was keen to quash any fears by announcing that the U.K. is open to crypto business.

As Fuller explained in his address to the house, “the U.K. government are seeking ways to achieve global competitive advantage for the United Kingdom.”

Part of that search for global competitive advantage seems set to involve greater adoption of cryptocurrency and blockchain technologies.

“We want to become the country of choice for those looking to create, innovate and build in the crypto space,” said Fuller.

“We are already the leading European fintech hub, second only to the U.S. worldwide. By making this country a hospitable place for crypto technologies, we can attract investment, generate new jobs, benefit from tax revenues, create a wave of groundbreaking new products and services, and bridge the current position of U.K. financial services into a new era.”

Truss and Sunak both pro crypto

In a mark of how far cryptocurrency has come in the past few years, it is noteworthy that Liz Truss and Rishi Sunak, the two final candidates in the leadership race which Truss ultimately triumphed, are both strong cryptocurrency advocates. 

Despite this, the upheaval of a leadership race always offers some degree of uncertainty and doubt. Now those fears can now be put to bed.