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June 16, 2022

UK digital minister says the nation wants to be a crypto hub

The UK digital minister is emphasizing his government’s desire to make the nation a global center for cryptocurrency activity, while also expressing concern about criminal activities.

Chris Philp told Bloomberg Radio on Wednesday that they plan for the United Kingdom and London to be cryptocurrency hubs. Of course, they must do it in a manner that safeguards the public and pays special attention to concerns such as money laundering and preventing the use of crypto to bypass sanctions.

In April, the British Treasury announced its intention to make the United Kingdom a worldwide crypto hub. Economic Secretary John Glen claimed, as reported by PYMNTS at the time, that the country’s robust and globally-recognized legal system would be an enormous benefit in making the United Kingdom an appealing center for all things digital.

Glen further suggested that the nation had a compact enforcement system because, unlike the United States and the European Union, its small number of regulators can respond quickly.

In an interview with Bloomberg, Philp said that the U.K. Treasury is collaborating with the Bank of England, the Financial Conduct Authority, and the Prudential Regulation Authority to strike the appropriate regulatory balance.

His remarks came one day after the European Union’s Commissioner for Financial Services, Mairead McGuinness, told the European Parliament that the Markets in Crypto Assets (MiCA) regulation must be passed as soon as possible because it provides the appropriate tool to address concerns about consumer protection, market integrity, and financial stability.

All of this occurs against the background of the impending “crypto winter.” Recent difficulties for the business include increasing interest rates and a number of high-profile failures, such as the Terra blockchain. Bitcoin came near to falling below $20,000 for the first time in 18 months on Wednesday, and numerous crypto firms have begun laying off employees.

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