The United Kingdom has welcomed the new prime minister who is a crypto fan. He had once stated that he desires to make the UK a global hub for cryptocurrency.
As reported by New York Times, Rishi Sunak, 42, the son of Indian immigrants, has become the first person of color to become prime minister in British history.
The report stated further that Sunak won the contest to replace the short-lived Prime Minister, Liz Truss, after his only remaining opponent, Penny Mordaunt, withdrew after failing to reach the threshold of 100 nominating votes from Conservative lawmakers.
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When Sunak was serving as the UK’s Chancellor of the Exchequer, he launched a number of initiatives to encourage the crypto industry.
Back in April, he announced the creation of a new group named “Crypto asset Engagement Group”. It comprises those from the crypto industry and regulatory authorities to advise the government on how to address digital assets.
Sunak also initiated the idea of examining ways to modify tax policies so as to encourage the growth of the crypto industry.
Rishi Sunak noted
“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.
“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term. This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”
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During his reign as the Chancellor of the Exchequer, he instructed the Royal Mint to issue a non-fungible token (NFT).
“Chancellor Rishi Sunak has asked RoyalMintUK to create an NFT to be issued by the summer. This decision shows the forward-looking approach we are determined to take towards crypto assets in the UK.”
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