With the emergence of a new government in the U.K, a beacon of hope is shining in favour of cryptocurrencies. Liz Truss has reaffirmed her commitment in favour of crypto.
The UK will be joining the global league of governments to pass laws in favour of cryptocurrencies. The financial services and market bill passed through its second reading this week will now be examined at the committee stage in Westminster.
With the world turning to blockchain technology, it is now clearer than ever that this technology will play a major role in shaping the face of the future.
RichardFuller, the Economic Secretary to the Treasury, said that the government is interested in making the UK a “dominant global hub for crypto technologies”. He further dived into the advantages and real-life application of this technology to the government and people of the UK, stating:
“As crypto technologies grow in significance, the UK government are seeking ways to achieve global competitive advantage for the United Kingdom,”
“We want to become the country of choice for those looking to create, innovate and build in the crypto space.
“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 ground-breaking new products and services, and bridge the current position of UK financial services into a new era.”
The Economic Crime(Transparency and Enforcement) Act, will also continue which will grant new power for the seizing of crypto assets to law enforcement.
“The UK can 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,” saidFuller.
“We want the UK to be the dominant global hub for crypto technologies, and so will build on the strengths of our thriving FinTech sector, creating new jobs, developing ground-breaking new products and services.”
With several countries making positive laws to aid the thriving of crypto technology, it now seems the UK are fully ready to join the growing list of countries that support crypto technology.
This also makes it possible to attract investment benefits from tax revenue and create a suitable environment for crypto start-ups to make ground-breaking innovations while improving existing products and services.
With the new direction in the UK, we can see a lot of new crypto-centred jobs springing up and Priority Crypto jobs will be strategically placed to aid in the massive onboarding that will soon be happening.