{"id":3162,"date":"2022-04-05T20:25:56","date_gmt":"2022-04-05T20:25:56","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=3162"},"modified":"2022-04-05T20:25:57","modified_gmt":"2022-04-05T20:25:57","slug":"uk-unveils-comprehensive-plan-to-become-global-crypto-hub-with-dynamic-regulation","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3162","title":{"rendered":"UK Unveils Comprehensive Plan to Become Global Crypto Hub With Dynamic Regulation"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The U.K. government has unveiled a detailed plan to make the country a global crypto hub and \u201ca hospitable place for crypto.\u201d The plan includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by the Summer.<\/strong><\/p>\n<h2>U.K. Wants to Be \u2018the Very Best Place\u2019 to Start and Scale Crypto Companies<\/h2>\n<p>The British government unveiled several initiatives Monday as part of its plan to make the U.K. \u201ca global cryptoasset technology hub.\u201d<\/p>\n<p>They include regulating stablecoins, legislating for a \u201cfinancial market infrastructure sandbox\u201d to help firms innovate, holding a Financial Conduct Authority (FCA)-led Cryptosprint, working with the Royal Mint on a non-fungible token (NFT), and establishing an engagement group to work more closely with the crypto industry.<\/p>\n<p>The British chancellor of the exchequer, Rishi Sunak, commented:<\/p>\n<p>It\u2019s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we\u2019ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.<\/p>\n<p>John Glen, the U.K.\u2019s economic secretary to the Treasury, elaborated on the government\u2019s crypto plan Monday at the Innovate Finance Global Summit.<\/p>\n<p>\u201cWe want this country to be a global hub \u2014 the very best place in the world to start and scale crypto-companies,\u201d he emphasized, adding:<\/p>\n<p>If there is one message I want you to leave here today with, it is that the U.K. is \u2026 open for crypto businesses.<\/p>\n<p>\u201cIf crypto-technologies are going to be a big part of the future, then we \u2014 the U.K. \u2014 want to be in, and in on the ground floor. In fact, if we commit now \u2026 if we act now \u2026 we can lead the way,\u201d the economic secretary stressed.<\/p>\n<h2>A Detailed Plan to Lead the Crypto Space and Regulation of Stablecoins<\/h2>\n<p>Commenting on \u201ca detailed plan\u201d the British government unveiled Monday, Glen noted that \u201cthe way we regulate crypto-technologies needs to be dynamic,\u201d elaborating:<\/p>\n<p>We shouldn\u2019t be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory \u2018code\u2019 \u2026 like computer code \u2026 which we refine and rewrite when we need to.<\/p>\n<p>He then talked about stablecoin regulation. \u201cI can confirm that we will be legislating to bring certain stablecoins into our payments framework \u2026 creating the conditions for stablecoin issuers and service providers to operate and grow in the U.K.,\u201d he said.<\/p>\n<p>Regarding the regulation of the broader crypto market, the economic secretary clarified: \u201cWe think the market has changed sufficiently for us to look at regulating a broader set of crypto activities including trading of tokens like bitcoin \u2026 and we will consult on a world-leading regime for the rest of the crypto-market too.\u201d<\/p>\n<p>Commenting on crypto taxation, he said: \u201cWe don\u2019t think the tax code will need major surgery to make it work more easily for crypto. But we\u2019re going to look at and resolve specific issues like the treatment of defi [decentralized finance] loans and staking.\u201d<\/p>\n<h2>Government to Work With Royal Mint on an NFT<\/h2>\n<p>Before concluding his speech, the economic secretary confirmed:<\/p>\n<p>I am announcing today that the Chancellor has asked the Royal Mint to create a non-fungible token \u2013 an NFT \u2026 to be issued by the Summer.<\/p>\n<p>Regarding what the future of crypto in the U.K. would look like, he admitted, \u201cNo one knows for sure.\u201d Nonetheless, emphasizing that \u201cWe\u2019re on the cusp of something important\u201d and \u201cWe have the opportunity to shape and lead it,\u201d the economic secretary opined:<\/p>\n<p>We think that by making this country a hospitable place for crypto we can attract investment \u2026 generate swathes of new jobs \u2026 and create a wave of ground-breaking new products and services.<\/p>\n<p>Tags in this story<\/p>\n<p>british, british crypto regulation, British government NFT, chancellor of the exchequer, detailed crypto plan, government nft, john glen, Rishi Sunak, royal mint, uk crypto regulation, uk cryptocurrency regulation<\/p>\n<p><em><strong>What do you think about the British government\u2019s plan to be a global crypto hub? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/uk-unveils-comprehensive-plan-to-become-global-crypto-hub-with-dynamic-regulation\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.K. government has unveiled a detailed plan to make the country a global crypto hub and \u201ca hospitable place for crypto.\u201d The plan includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by the Summer. U.K. Wants to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-3162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3162"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3162\/revisions"}],"predecessor-version":[{"id":3164,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3162\/revisions\/3164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3163"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}