Great Britain presents a number of measures to become a global center for crypto

The British government has developed plans to become a "global center" for the crypto industry, and suggests new regulations for stable coins, a Royal MINT NFT and a number of other measures to put digital asset companies in court.

City Minister John Glen said on Monday in a speech that the government was determined to show that "Great Britain is open to business and open to crypto companies".

The talk was the most emphatic message of the government to support crypto companies that settled in Great Britain after the industry had criticized that the strict regulatory approach would reduce Britain and the indifference to the government.

"We see enormous potential in crypto," said Glen. "We won't reduce our standards, but we will keep our technology -neutral approach."

The minister added that the government would check the possibility of issuing government bonds using Distributed-Ledger technology. He said Chancellor Rishi Sunak had commissioned the Royal Mint to publish a digital collector's item until the summer that is known as non -fungi token (NFT) as "a symbol for the future -oriented approach that we determine".

The crypto-in-case preload of the UK, since companies that work in financial centers such as Great Britain and the United States are increasing the pressure on governments, supervisory authorities and legislators, to offer clearer rules and regulations for digital assets.

Financial supervisory authorities had to weigh the potential of crypto tokens that can be used for illegal activities against the potential to offer innovative solutions for everything, from trading with assets to corporate management.

As a sign that some high -ranking political decision -makers are still concerned about crypto, the governor of the Bank of England, Andrew Bailey, warned on Monday that cryptocurrencies were the new "front line" in criminal fraud, and warned that technology had created an "opportunity for the pronounced criminals".

The Ministry of Finance also published long-awaited plans for regulating the issuers of stablecoins, which are crypto tokens that are supposed to reflect the value of other assets such as the US dollar.

The proposals of the Ministry of Finance belong to the adaptation of existing laws that regulate electronic money, such as: B. stored funds stored in mobile phone apps to cover stable coins and to bring them into the area of responsibility of the Financial Conduct Authority. This would require that StableCoin emitters consider the same pounds of sterling for the tokens output that could not be used for purposes such as lending.

The steps to crypto policy follow the arguments between the industry and the FCA around their licensing system for money laundering controls, some of which said that they were pressing companies to move abroad.

The perception that the authorities were hired by cryptofo had aroused concerns about the competitiveness of British financial technology, also with some backbenidal matters of the Tory MPs, at a time when the government aimed to boost the industry after the Brexit.

Ian Taylor, Executive Director of the Cryptouk industrial group, which has strengthened its lobbying among legislators in the past few months, praised the "change of sound".

At the beginning of the year, the government announced that it is against misleading crypto advertising and to subject it to the same regulation as other financial advertising.

Glen said that the government was now "gaining gaze" on its work on crypto control, including the trade in cryptocurrencies such as Bitcoin, and advise on new rules to create a "leading regime for the rest of the market".

The announced measures included a “engagement group” for managers of crypto companies to meet with supervisory authorities, chaired by Glen, as well as the “crypto sprint” organized by the FCA for contributions from the private sector for regulation and a project to investigate the legal status of decentralization of autonomous organizations.

The government also intends to rethink the tax rules for crypto, whereby Glen indicates "targeted" changes in the treatment of decentralized finances and eliminates false incentives for British fund managers to keep crypto in their portfolios.

In addition to the promotion of local blockchain innovations, Glen Offshore crypto players offered a welcome mat and said he hoped that Great Britain would be attractive for "companies that have no fixed basis".