How crypto-friendly is the new British Prime Minister Liz Truss?

After a spate of scandals, Boris Johnson resigned as British Prime Minister today, figuratively handing the keys to No. 10 Downing Street to his former Foreign Secretary Liz Truss.

Truss will officially take office tomorrow, having defeated former Treasury Secretary Rishi Sunak in the leadership contest.

Although she hasn’t said much about cryptocurrencies, her general beliefs about the private institution suggest that she might take a laissez-faire approach to regulation.

Back in 2018, when Truss was Treasury Secretary, she tweeted, “We must welcome cryptocurrencies in a way that does not limit their potential. Unleash free enterprise zones by removing regulations that limit prosperity.”

Shortly after British Prime Minister Theresa May resigned in 2019, Truss backed Johnson’s leadership campaign and appointed her Secretary of State for International Trade and Chairman of the Trade Council.

While serving in these roles, Truss launched a digital commerce network in 2020 and He said Because she wanted to “create great opportunities in areas like blockchain.”

She also explained: “We want to achieve a world-leading data and digital agreement, ensuring data flows but also dealing with issues such as blockchain and artificial intelligence, thus ensuring that we and the United States lead the world and can share these economic opportunities.”

Lately, Truss has been more nervous about crypto pledges than fellow Conservative Party leader Rishi Sunak. There are also several priorities that voters would prefer to address first, notably high energy prices and the cost of living crisis.

However, she has marketed herself as business friendly and for privatization She promised tax cuts to companies to help them weather the economic storm.

Cryptocurrency exchange Luno, headquartered in London, is one company that would welcome the move.

Thomas Tudehope, Luno’s Global Head of Public Policy Decrypt His company “looks forward to working with Truss and her team to design a crypto-regulatory framework that will boost economic growth, create thousands of jobs, and protect consumers.”

He added that “there is an urgent need to develop and implement” such a framework to enable “UK companies to plan with the certainty required if we are to position the country as a global leader in the digital asset ecosystem.”

UK prepares for cryptocurrency

When Sunak was in his position as UK Chancellor of the Exchequer, the government seemed particularly keen on embracing cryptocurrencies, so much so that last April it announced plans to become aGlobal center for crypto assets. “

At the time, Sunak said in a prepared statement: “I aspire to make the UK a global hub for crypto-asset technology, and the measures we have outlined today will help ensure that companies are able to invest, innovate and expand in this country.”

Sunak’s primary proposal against regulating cryptocurrency included regulating stablecoins as a “recognized form of payment.”

The British government also announced that it has partnered with the Royal Mint – the official coin factory in Great Britain – to produce and NFT Which was supposed to be released in the summer, although fall is almost here and there are no updates.

Consumer protection is the center

Back in January, the UK published plans To protect consumers from misleading encrypted ads.

The government said it will bring all cryptocurrency advertisements in line with current legislation on financial offerings to…Increase consumer protection while encouraging innovation.

This means that crypto ads need approval from the Financial Conduct Authority (FCA) or the Prudential Regulatory Authority (PRA), or a company authorized by either.

In March, the Advertising Standards Authority (ASA) issued a “red alert” Enforcement Notice to me More than 50 crypto companies, warns them not to make their ads conform to a new set of guidelines. The ASA coordinated closely with the FCA to distribute the notice.

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