The United Kingdom’s Digital Minister Chris Phillip revealed that the Johnson administration is planning to turn the country into a “global crypto hub”, while reiterating a cautious stance about potential crimes within the digital asset space.
- In a radio interview with Bloomberg on Wednesday, the minister said the government would push to develop the country and London into crypto hubs. It came as the UK Treasury touted such a strategy in April, as the crypto industry tinkered with the country’s regulators, which imposed extensive oversight on the sector.
- The latest reaction from the film came as a relative relief to the industry. However, he stressed that cooperation with regulatory authorities such as the Financial Conduct Authority (FCA) and the Bank of England is essential to ensure that “the balance is struck in the right way.”
- The FCA is notorious for its unfriendly stance on digital assets. Its controversial ban on retail investors trading in crypto derivatives in 2020 cited insufficient knowledge about futures, options and others, which could result in major losses at their own cost. Nonetheless, a later survey suggested that 97% of all participants disagreed with such a restriction.
- Earlier this year, the regulator said it was ready to tighten regulations on cryptocurrencies to prevent individuals from accessing the digital asset market. The authority considers bitcoin and other cryptocurrencies a new risk of harm to consumers.
- Philip also stressed the importance of a set of frameworks for using crypto to tackle crimes such as money laundering and circumvent sanctions.
“We have to do it in a way that protects the public and specifically addresses issues related to money laundering, and makes sure that crypto is not used as a way to circumvent things like sanctions.” goes.”
- To address crimes and scams in the crypto space, Prime Minister Boris Johnson was reportedly set to introduce a bill that would allow law enforcement agents to “more quickly and easily” transfer such assets when employed in criminal activities. Enables seizure and recovery.
PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 on your deposit.