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UK Aims to Become Crypto Global Leader Wants its Own NFT
Summary: The United Kingdom announced major crypto plans as it seeks to become the world leader in the crypto space via a keynote speech by John Glen, British member of Parliament (MP) for Salisbury, at the Innovate Finance Global Summit in London. “Because we want this country to be a global hub - the very best ...
The United Kingdom announced major crypto plans as it seeks to become the world leader in the crypto space via a keynote speech by John Glen, British member of Parliament (MP) for Salisbury, at the Innovate Finance Global Summit in London.
“Because we want this country to be a global hub - the very best place in the world to start and scale crypto-companies,” Glen said when discussing the challenges and opportunities within the crypto industry. “If there is one message I want you to leave here today with, it is that the UK is open for business - open for crypto businesses.”
In his keynote speech at the fintech event, the MP for Salisbury explained he wants the U.K. to be a global leader in crypto and if they can start now that feat is very much attainable. As part of this process, the U.K. plans to recognize stablecoins as a legitimate payment method and that cryptocurrency will be brought under the regulations of the Financial Conduct Authority (FCA).
In addition, the government will ask the Law Commission to create a legal status for all blockchain based communities deemed decentralized autonomous organizations (DAOs).
On the regulatory front, the government will ask the Law Commission to create a legal status for blockchain-based communities dubbed DAOs or decentralized autonomous organizations. He also mentioned that while regulations are usually deemed negative and restrictive there should be improvements to them.
“We shouldn’t be thinking of regulation as a static, rigid thing,” Glen said. “Instead, we should be thinking in terms of regulatory ‘code’ — like computer code — which we refine and rewrite when we need to.”
Glen, the Economic Secretary to the Treasury, also reported that the Chancellor, Rishi Sunak, has asked the Royal Mint to create an NFT to be issued by the summer as a symbol for the innovative approach the U.K. is determined to take.
U.K. Chancellor Rishi Sunak.
The HM Treasury’s twitter, the official twitter for the U.K. 's government economic and finance industry, tweeted the news on Monday.
Glen also noted the government’s willingness to explore all things web3 related. He said:
“No-one knows for sure yet how Web3 is going to look. But there’s every chance that blockchain is going to be integral to its development… with a more decentralized, open and user-owned ecosystem. And we want this country to be there, leading from the front… seeking out the greatest economic opportunities.”
Author: Tyler Irvin
