Cryptocurrency companies and investors in the UK are hopeful that the new prime minister-elect, Rishi Sunak, will be able to boost the country’s crypto ambitions. If you are new to bitcoin trading, here are some key features to consider in a bitcoin wallet app.
The new Prime Minister of the UK, Boris Johnson’s Finance Minister before becoming Prime Minister, has a lot to do. One of them is fixing the problems that Liz Truss made when she was in charge of the economy. Even though cryptocurrency isn’t his primary focus, many people who work in the field are hopeful.
Christian Faes was one of the people who started the online loan business LendInvest. He says that business owners are happier with how things are going.
Faes, who runs the Fintech Founders network, said that Rishi “sees the promise and potential of crypto and wants the U.K. to lead in it.” Faes said, “Rishi can see that cryptocurrency has a lot of opportunities and potential.”
Sunak, who used to be an analyst at Goldman Sachs, has always liked cryptocurrencies. As the country’s finance minister, he gave a detailed plan in April to make Britain a center for cryptocurrency operations worldwide. This means making sure stablecoins are legal and getting the Royal Mint, which makes coins for the UK, to make a token that can’t be traded for cash.
After weeks of political chaos, crypto businesses and investors want to know what he plans to do to help the industry. The industry is licking its wounds after a rough few months of the prices of digital assets and a wave of companies going out of business.
Before Sunak was chosen as Prime Minister, people slowly lost faith in the UK’s place in the global crypto market.Only 9% of the founders of British fintech companies said yes when asked if Britain was ahead of the curve regarding cryptocurrencies.
People are upset that the Financial Conduct Authority doesn’t want to give licenses to businesses that use cryptocurrencies. Because of this problem, some businesses have had to close and move to other parts of Europe. Revolut, a financial technology app, had to ask for more time than once to get approvals. It just got a license for its business that deals in cryptocurrency.
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The week before last, investors who wanted to buy for fall put a lot of money into significant technology ETFs. This was because the results were not what had been hoped for.
Still, there is a lot going on in the UK crypto market. Chainalysis found that from July 2021 to June 2022, $233 billion worth of digital assets were traded. But it didn’t grow as much as Germany, where on-chain activity went up 47% from the year before.
Jordan Wain, who is in charge of public policy for Chainalysis in the UK, told CNBC that there is an opportunity to bring clarity to the industry and help them reach their goal of getting businesses in the UK to invest, innovate, and create jobs.
More than anything else, investors in cryptocurrencies can’t wait for Sunak to talk about the state of the market. The US government has set rules for how cryptographic protocols should work. Also, the European Union passed a long list of laws controlling the whole industry.
The Financial Services and Markets Bill was put forward by the UK to make the country’s financial sector more competitive after Brexit. People in parliament are talking and voting on it right now. If it passes, cryptocurrencies and the assets that come with them would be seen as goods that need to be regulated.
