The government aims to make the UK “the dominant center of crypto technology in the world”. This was stated by Richard Fuller, Assistant Secretary of the Treasury for Economic Affairs, writes CryptoUK.

The statements came after Liz Truss was confirmed as the country’s new prime minister.

Parliamentary representative Alexander Stafford announced the prime minister’s commitment to provide internet connectivity for residents with access to buying, selling and mining cryptocurrencies.

Fuller noted several application scenarios for the technology, including use for international trade and medical records.

“We want to be a reference point for those who want to create, innovate and build in the industry. […] We will be able to attract investments, create new jobs, increase tax revenues. […] and maintaining the UK’s current position in financial services in the new era”, said the official.

Fuller noted that the government plans to work on a financial services and markets bill introduced in July 2022. The document aims to establish a regulatory framework for barns and combat economic crime.

Recall that in July, Bank of England Deputy Governor John Cunliffe proposed to regulate cryptocurrencies by analogy with traditional finance.

Prior to that, the Treasury excluded algorithmic stablecoins from the document.

In June 2022, plans to transform the country into a “crypto hub” were announced for the first time by Chris Philp, the UK’s Minister for Digital, Culture, Media and Sport.

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