- Rishi Sunak’s appointment as Prime Minister is good news for the UK crypto sector
- Sunak announced in April that he wanted the UK to become a crypto hub
- Now with the power to enact his wishes, Britain might start to see this happen
The UK’s aims to be a crypto hub might be back on the table after the appointment of Rishi Sunak as the new Prime Minister. Having raised the prospect of a UK crypto push in April as chancellor, Sunak lost the race to replace Boris Johnson as Prime Minister last month, leading to him losing his job. However, having now been installed at the second time of trying, might the UK’s crypto plans be back on the menu?
Sunak’s Second Bite Ends in Succulent Victory
Sunak surprised many people when, in April, he announced plans to make the UK a crypto-friendly country and welcomed investment and development of the sector. This wasn’t least because his plans were at total odds to the country’s financial watchdog, the Financial Conduct Authority (FCA), which has been doing its utmost to kick crypto out of the country in the past few years.
Sunak’s plans seemed to have gone up in smoke when he was beaten to the premiership of the UK last month by Liz Truss, a move which saw him lose his job, although with Truss resigning after just 45 days Sunak suddenly had a second bite of the cherry. It was a bite he took, winning the leadership of the party unopposed yesterday.
Proof Will Be in the Pudding
Back when he launched the crypto push, Sunak said that he wanted to see “the [cryptocurrency] businesses of tomorrow – and the jobs they create – here in the UK”, adding that with effective regulation “we can give them the confidence they need to think and invest long-term.” However, it’s safe to say that UK regulators haven’t exactly moved at speed, probably because there is a trawler-full of bigger fish to fry for the country right now.
Hopefully for UK crypto companies, Sunak can last more than a month and a half in power and he can start to push the crypto agenda in the same positive manner.