Quick take:
- The UK could be about to get its crypto plans back on track following the election of Rishi Sunak as Conservative party leader.
- The crypto-friendly former Chancellor of the Exchequer led the crypto campaign before leaving his position in July 2022.
- His inevitable appointment as the next UK PM could reignite previous plans of launching an NFT with the country’s Royal Mint.
The UK could be about to get its crypto campaign back on track following the election of Rishi Sunak as Conservative Party leader.
Sunak has been one of the leading government figures for the adoption of crypto in the United Kingdom after launching crypto-centric proposals during his time as Chancellor of the Exchequer.
The Richmond Member of Parliament in April asked the Royal Mint to issue a non-fungible token (NFT) by the summer. However, the campaign around crypto cooled off following Sunak’s exit from the Treasury.
Sunak also followed the U.S., creating a legal framework for a stablecoin to make them legal tender.
From the perspective of embracing crypto, no single country comes close to El Salvador. The Caribbean nation has been at the forefront of crypto adoption, after making bitcoin legal tender.
Given Sunak’s expertise in the global financial markets space and his pro-crypto sentiments, which he acted on in April with the NFT order. Early signs indicate that the UK could also be on El Salvador’s path.
The former Goldman Sachs analyst’s election comes at a crucial time to alleviate some confusion plaguing the UK crypto space. His proposal for an NFT collection received criticism from monetary policy experts back in April, with some calling the statement a “poorly judged gimmick”.
Six months later, that call could yet come to fruition. And this time, with more backing from the country’s Financial Conduct Authority (FCA).
Earlier this month, the UK financial markets regulatory body announced the appointment of Binu Paul, as the new head of digital assets.
Paul’s appointment is seen as an attempt by the government to accelerate the implementation of the Financial Services and Markets bill, launched in July. Included in the bill was the regulation of stablecoins and “digital settlement assets”. The bill also provides that the FCA creates Financial Markets Infrastructure Sandboxes — allowing companies to test new technologies and practices in the financial markets.
These steps have forced some of the leading crypto firms including crypto market maker B2C2, Blockchain.com and wallet firm Wirex, to seek licenses elsewhere after the FCA conducted anti-money laundering investigations.
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