The government of the United Kingdom has joined the ranks of governments that are actively implementing steps to make their territory more conducive to crypto-related activities. One of its recent activities has focused on lending credibility to the use of stablecoins as a payment method in the region. This is a step toward the government’s goal of transforming the country into an attractive hub for crypto investments and blockchain innovation.
The use of stablecoins will be legal, as the UK intends to recognize them as a means of payment in the region.
The United Kingdom has launched several initiatives to attract crypto investment opportunities to the region, one of which is the establishment of a ‘financial market infrastructure sandbox.’ This feature will stimulate innovation in the crypto sector.
Another initiative that promises to improve the space is to ‘explore ways of enhancing the competitiveness of the UK tax system’.
Chancellor of the Exchequer, Rishi Sunak said:
“It’s my ambition to make the UK a global hub for cryptoasset 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.”
The UK Government also has plans to consult with the appropriate stakeholders before making the necessary decisions.
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