The crypto industry in the United Kingdom has found a strong supporter in the face of the prime minister. Therefore, the crypto market is now awaiting a probable relaxation of rules at the highest level. Rishi Sunak, the UK’s new leader, is known as a vocal advocate for the development of the blockchain industry and the wild acceptance of digital assets.
When Sunak was the UK’s Chancellor of the Exchequer, he worked on a bill to overhaul the financial system to legalize the crypto industry within the national economy. He wanted to turn the United Kingdom into a crypto hub. In other words, Sunak is one of those politicians aware of virtual money and how a blockchain works. The country’s new PM is well-informed about all the digital economy’s latest trends. The UK Exchequer under Sunak commissioned the Royal Mint to issue an NFT collection, which is yet to come to life. Still, the very fact of such an initiative speaks volumes about the government’s intentions. Notably, the local crypto industry welcomed the Exchequer’s work in this field. Moreover, ahead of the election, it even supported Sunak’s candidacy for prime minister.
From this perspective, the UK may not only confirm the title of the world's leading financial hub but also bring it to a new level. Adam Jackson, policy director for Innovate Finance, says the UK under Sunak is highly likely to become the industry leader, with lobby group CryptoUK being on the page.
