Britain’s finance secretary commits to making the country a crypto hub under new prime minister

Richard Fuller, the Chancellor of the Exchequer, said the government wants the UK to be the “dominant global hub for crypto technologies.”

In a parliamentary debate on the regulation of cryptoassets in the UK on Wednesday, Fuller advocated “powerful” use cases for cryptocurrency and blockchain technology, including using distributed ledger technology for customs and international trade and storing medical records on the blockchain. Alexander Stafford, the Parliamentary Private Secretary to Prime Minister-elect Liz Truss, added that the Prime Minister “confirmed” her commitment to providing internet connectivity for UK residents, which could allow access to buy, sell and mine crypto.

“As crypto technologies grow in importance, the UK government is seeking ways to achieve global competitive advantage for the UK,” Fuller said.

The Finance Secretary added:

“We want to become the country of choice for those who want to create, innovate and build in the crypto space […] By making this country a hospitable place for crypto-technologies, we can attract investment, generate new jobs, benefit from tax revenue, create a wave of cutting-edge new products and services, and bridge the current position of UK financial services into a new era.”

Fuller said that under Truss, the UK government plans to move forward with the Financial Services and Markets Bill, legislation introduced in July that aimed to establish a regulatory framework for stablecoins. In addition, he proposed support for the Financial Crimes (Transparency and Enforcement) Act, which would give law enforcement “new powers to seize and recover crypto assets.”

“The UK can either be a bystander as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies,” Fuller said. “We want the UK to be the dominant global hub for crypto technologies and will therefore build on the strengths of our thriving fintech sector, create new jobs, develop ground-breaking new products and services.”

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Fuller became economic secretary after John Glen and other top UK government officials resigned in July in response to allegations of misconduct in former prime minister Boris Johnson’s government, shaking up positions with the potential to influence crypto policy in the country. On Tuesday, Truss also appointed Kwasi Kwarteng as finance minister, or finance minister.