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UK Still Wants To Be A Crypto Hub Under The New Prime Minister

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UK Still Wants To Be A Crypto Hub Under The New Prime Minister

(CTN News) _ UK  During Wednesday’s Westminster crypto debate, Economic Secretary to the Treasury Richard Fuller said the UK aims to become the country of choice for those looking to create, innovate, and build in the crypto space.

On Tuesday, Liz Truss was officially sworn in as the new U.K. prime minister, replacing Boris Johnson as the country’s leader.

In a matter of minutes, she appointed Kwasi Kwarteng as her minister of finance.

It is already known that Fuller was the economic secretary when he was appointed. Following the resignation of John Glen on July 8 of this year, he was appointed to fill that position.

As early as April, Glen, along with the then-Finance Minister, Rishi Sunak, who also resigned from his post in early July,

Declared their intention to make the United Kingdom into one of the world’s leading cryptocurrency hubs.

As far as regulation is concerned, the United Kingdom is trying to catch up with the European Union, which has a wide-ranging crypto bill that has a heavy focus on stablecoins and is close to passing this legislation.

We can attract investment, generate new jobs, generate tax revenues, create groundbreaking new products and services, and bridge the current position of [the] UK financial services into a new era if we make this country hospitable to crypto technologies,” Fuller said during the debate.

In order to help regulators manage crypto used for payments like stablecoins, the Truss government plans to continue the financial services and markets bill.

 On Wednesday, the bill passed its second reading and will now be unpacked in committee.

Furthermore, Fuller reaffirmed the UK government’s plans to introduce the Economic Crime (Transparency and Enforcement) Bill, which is designed to give law enforcement agencies the necessary tools to seize and recover crypto assets.

Additionally, Fuller echoed the government’s initiatives to bring certain crypto assets under the financial promotions regulation in order to ensure that advertising about these assets is more transparent.

Who is the best prime minister of UK?

Winston Churchill is generally considered one of the greatest prime ministers for his leadership during the Second World War.
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