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The UK stands to become a global leader in the crypto industry

The UK stands to become a global leader in the crypto industry

In the context of this milestone, the UK government announced its plans to issue its own non-exchangeable token (NFT), as well as a number of other initiatives.

Why It Matters: 

  • Britain may become the first country with the most attractive climate for crypto investors.

According to CNBC, British Finance Minister Rishi Sunak has asked the Royal Mint to create and issue an NFT by the summer. In addition, some other initiatives were announced:

  • Inclusion of specific stablecoins in the U.K. payment system so that issuers of stablecoins and service providers can operate in the country; 
  • Advising on cryptocurrency international regulation;
  • Examining the legal status of blockchain-based communities known as decentralized autonomous organizations with the help of a legal commission;
  • Research on the tax treatment of decentralized finance (DeFi) credits and "staking";
  • Creation of a crypto-asset interaction group, chaired by ministers and members of UK and crypto-business regulators; 
  • Exploring the application of blockchain technology in the issuance of debt instruments.

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