The UK administration has unveiled a comprehensive plan to make the nation a crypto hub. This plan encompasses creating a clear regulatory framework for crypt and stable coins, as well as forging a working relationship with the Royal Mint to develop an NFT for this summer. 

UK Targets to Be the Best Home for Crypto Firms

The British administration has revealed a number of initiatives as part of its bigger plan to transform the jurisdiction into a crypto asset tech lab. These will include: 

• Regulating stablecoins. 
• Legislating financial infrastructure to assist firms to innovate. 
• Holding a strong Financial Conduct Authority that is led by CryptoSprint. 
• Creating a non-fungible token. 
• Creating an engagement to develop a closer working relationship with the fast growing crypto industry. 

According to the UK’s Economic Secretary to the Treasury, John Glen, the plan of the British government is to transform the country into the very best place for crypto companies to get started and scale-up. 

A Closer Look at the Detailed Plan to Grow the UK Crypto Space

When expanding on the country’s effort to regulate the industry, Glen pointed out that they want to be as dynamic as possible. We should not be considering regulating a static and rigid thing but think of it as a regulatory sort of a “code” that can be refined and rewritten when required.

Glen added they would be legislating to bring onboard more stablecoins into the payment framework. This is expected to provide better conditions for both issuers of stable coins and service providers to grow in the country. 

On regulation, the UK’s economic secretary was quick to clarify how they wanted to go about it. “We think that the market has transformed sufficiently for regulating the broader set of crypto activities …” the secretary added. 

On crypto taxation, Glen argued that they do not consider the tax code will require radical surgery to make it fit into the crypto space. However, he indicated they would resolve issues, such as how to treat decentralized finance (DeFi) loans and crypto staking, that might arise along the way. 

British Government to Work with Royal Mint to Create an NFT 

Another major announcement made by the economic secretary was that the Chancellor had already asked the Royal Mint to develop a non-fungible token (NFT) for issuance this summer. He insisted that when it comes to the cryptos, no one is sure about the future. So, the UK is taking the opportunity to shape the future. 

This move, the secretary holds, will make the country emerge as a hospitable place for cryptos, assisting it in attracting more investment, creating a large number of jobs and new products.