UK Shares a Plan to Diversify Its Involvement in Crypto Industry

• Ayushi Abrol
• April 05, 2022

With crypto gaining mainstream popularity within the multi-billion-dollar worth crypto industry, government authorities are keenly supporting this expansion through well-planned initiatives. The recent country to join this bandwagon is the United Kingdom where the government is looking forward to establishing the state as a crypto-friendly space for global firms and investors. With this in mind, the government has released a structured plan focused on cryptocurrencies and related digital currency projects.

According to the report, the highly-anticipated plan released by the UK government will work as a roadmap for those involved in the sector including firms, authorities, and investors. The document lays special emphasis on drafting a legal framework for regulating cryptocurrencies, and stablecoins, and monitoring the strategic collaboration with the Royal Mint directed to launching an NFT project. The digital collectible is likely to be released by the Summer. On Monday, the British authorities presented a chain of goal-directed initiatives that will help the country to emerge as a crypto hub in global parlance.

The government is looking forward to curating a structure for managing stablecoins, codifying laws for a financial space infrastructure sandbox dedicated to aid innovation in firms, organizing a Financial Conduct Authority or FCA-fueled Cryptosprint, etc. They will create an engagement group that will work closely within the crypto realm. Talking about this, the British Chancellor of the exchequer, Rishi Sunak stated that it is his goal to help the U.K come out as a hospitable junction for the crypto industry. The steps outlined by the officials will allow companies to invest, innovate, and expand in the state.

The economic secretary to the UK’s Treasury, John Glen gave a detailed insight into the future plans of the government related to crypto when addressing the Innovate Finance Global Summit. The official emphasized that they are striving to make the UK a strong ecosystem for scaling crypto operations. They are anxiously working to place the country as a crypto incubator for firms on the global crypto map. The economic secretary stated that if crypto is likely to become a big thing in the future, then the UK plans to set the right chord for this expansion. They plan to act in the present so as to become leaders in the future.  

The detailed plan released on Monday will not be rigid in its approach rather it will be flexible to change as per the requirement, elaborated Glen in his statement. The government plans to integrate some stablecoins into the payment structure so as to create suitable conditions for token issuers and service providers that can help them grow and work in the country. They plan to regulate a wider set of crypto-related operations and look forward to consulting on a powerful setup for the overall crypto market space as well. The economic secretary conveyed that they will try to resolve particular issues related to taxes such as DeFi loans and staking projects. The government is striving to make the state a profitable venue for crypto users where they can enjoy access to innovative products and services.

The complex dynamics of crypto can be cumbersome for many and so to resolve this Blockchain Council has created a series of courses related to the industry. The certifications offer in-depth knowledge of the core concepts of cryptocurrency and blockchain technology in a simple and lucid language. 

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