The UK government is aiming to make the country a “dominant global hub for crypto technologies,” according to the Economic Secretary of the Treasury Richard Fuller.
Fuller advocated for “powerful” use cases for cryptocurrency and blockchain technology during a parliamentary discussion on crypto asset legislation in the UK. This includes utilizing distributed ledger technology for customs and international trade and recording medical documents on the blockchain.
According to Liz Truss’ parliamentary private secretary Alexander Stafford, the newly elected prime minister “reaffirmed” her dedication to providing U.K. citizens access to internet connectivity so they can purchase, sell, and mine cryptocurrencies.
Fuller stated the U.K. government is looking for ways to provide the nation competitive advantage abroad as crypto technologies become increasingly important.
“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,” said the economic secretary.
Fuller said that — under Truss —the U.K. government is looking to proceed with the Financial Services and Markets Bill, which is a legislation submitted in July that aims to provide a regulatory framework for stablecoins.
He also recommended supporting the Economic Crime (Transparency and Enforcement) Act, which would enable the law enforcement to seize and recover crypto assets.
Following the departure of John Glen and other prominent U.K. officials, Fuller was named as the economic secretary — in light of the former Prime Minister Boris Johnson’s alleged misconduct when governing the country. This ultimately affected the UK’s crypto policy.
On Tuesday, Truss appointed Kwasi Kwarteng as the new chief finance minister or chancellor of the exchequer.
