Richard Fuller, the Economic Secretary to the Treasury, has said that the United Kingdom is looking to become a “dominant global hub for crypto technologies” under the new Prime Minister, Liz Truss.
There was a parliamentary debate on crypto asset regulation on Wednesday, and Fuller spoke in favour of “powerful” use cases for blockchain technology, such as distributed ledger technology for costumes and international trade and storing medical records on the blockchain to streamline healthcare processes. Alexander Stafford, the parliamentary private secretary to Liz Truss, said that the PM “reaffirmed” her commitment to increase internet services and connectivity for all UK residents. This would give more people access to trading and mining crypto, furthering the cause of Bitcoin adoption in the country.
Fuller said, “As crypto technologies grow in significance, the U.K. 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 groundbreaking new products and services, and bridge the current position of UK financial services into a new era.”
Fuller also spoke about moving forward with the Financial Services and Markets Bill under the new leadership. This bill was first introduced in July and it aims to establish a regulatory framework for stablecoins. He also seems to be looking towards crypto security, suggesting his support of the Economic Crime (Transparency and Enforcement) Act, which would allow enforcers “new powers to seize and recover crypto assets.”
It is evident that Richard Fuller has big plans for crypto expansion in the UK. He said, "The U.K. 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 [...] We want the U.K. 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 groundbreaking new products and services.”
This change in leadership in the United Kingdom comes after allegations of misconduct in former Prime Minister Boris Johnson’s government. Richard Fuller replaces John Glen, who resigned in July. Kwasi Kwarteng also took her place as the Chief Financial Minister under Liz Truss.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash