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UK Government plans for UK global cryptoasset tech hub

  • UK HM Treasury announced plans last week to make the UK a global cryptoasset technology hub.
  • Particular emphasis will be placed on encouraging the use of distributed ledger technology (DLT), and issuance of stablecoins albeit with regulation.
  • Plans include:
    • establishing a Cryptoasset Engagement Group to work more closely with the crypto industry;
    • exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market; and
    • working with the Royal Mint to create a Non-Fungible Token (NFT) this summer (2022) as an emblem of the forward-looking approach of the UK in this space.

All forward looking steps but we can't help being distracted by the headline in the FT - Can crypto fill the gap let by Russian money in the UK?: https://www.ft.com/content/7176b947-d47a-4c0a-83f5-ca879045c2d6 

The government has today announced moves that will see stablecoins recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment.

Tags

fintech, cryptocurrency

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