Richard Fuller, the Finance Ministry’s economy minister, said the government wants the UK to become a “global dominant hub for cryptocurrency technology”.
During a parliamentary debate on the regulation of crypto assets in the UK on Wednesday, Fuller spoke in favor of use cases for cryptocurrencies and blockchain technology, including the use of distributed ledger technology for customs and international trade and medical record keeping on the blockchain.
Alexander Stafford, private secretary to newly elected Prime Minister Liz Truss, added that the prime minister had “reaffirmed” her commitment to providing internet connectivity to the people of the United Kingdom. Citizens can allow access to buy, sell and mine cryptocurrencies.
Fuller said: “As crypto technologies evolve, the UK Government is looking to gain a global competitive advantage for the UK.
The Economy Minister added:
“We want to be the choice of those who want to create, innovate and build in the crypto space […] By making the country a friendly place for crypto technologies, we can attract investment, create new jobs, benefit from sales tax, create a new wave of groundbreaking products and services, and take the current position of UK financial services to a new era. ”
Fuller said under Truss, the U.K. government plans to move forward with the Financial Markets and Services Bill, legislation enacted in July aimed at establishing a regulatory framework for stablecoins. Additionally, he proposed supporting the Economic Crimes (Transparency and Enforcement) Act, which would give law enforcement new powers to hold and recover cryptocurrencies.
“We want the UK to become the dominant global hub for cryptocurrency technology and will therefore build on the strengths of our thriving Fintech sector, creating new jobs, developing groundbreaking new products and services.”