Cryptocurrency Investment: UK Plans to be Global Hub
When it comes to crypto investment, the UK wants to be at the front of the field.
With the rise in popularity of the crypto markets, it is no surprise that countries put in plans to benefit from this surge of new money. One country in particular that wants to be at the forefront of new technologies is the United Kingdom.
The interest levels are clearly evidenced by the popularity of the search term 'crypto investment uk'. The government has decided that stablecoins will be recognised as a form of payment. This is one step closer to crypto being accepted as forms of currency instead of just stores of value.
Cryptoasset Engagement Group Will be Created
This is only one measure as part of a package to make the UK a global technology and crypto investments hub. Another is legislating a 'financial market infrastructure sandbox' which will help firms and companies innovate, experiment, and create, leading to more jobs opening up and more money flowing into the UK, helping boost the economy. A Cryptoasset Engagement Group will also be created to increase communication between the government and the industry. It will advise the government on any issues it may face while building the crypto-asset sector.
Not only is the government trying to regulate, it is also creating its own non-fungible tokens (NFTs). Finance Minister Rishi Sunak has asked the Royal Mint (the government-owned company responsible for minting coins within the UK) to create NFTs by the summer of 2022. With summer coming, we expect more info to be brought to light relatively soon. This opens many doors and opportunities for crypto enthusiasts and UK crypto investment firms.
Other Measures Taken to Assist Regulation
Other measures the UK is taking to help regulate the markets include looking for ways to enhance UK tax system competitiveness to encourage crypto-asset market development in the UK. It will also review how DeFi loans are treated for tax purposes. In May, a two-day event will see the Financial Conduct Authority meet industry participants to learn their views regarding crypto-asset regime development.
The UK, well known for its advancements in technology and innovation, will unlock a massive new stream of income and business opportunity. This will create many new jobs as start-up companies and crypto investment firms look to take on new employees and build up their businesses.
This will help boost the economy by an enormous margin. As I write, the total crypto market cap is $2.02 trillion. Tapping into just a fraction of this amount will do wonders for the UK. Not only will the UK dabble in the market, it will be one of the top leaders and innovators in the entire world. This is exciting news, and it will be interesting to see how the future of crypto investments in the UK unfolds.
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Author: Fin MacGregor
I first found crypto through a YouTube video back in 2018, since then I have delved head first into the space, researching different DeFi Protocols and coins. I love crypto because it opens up the doors of financial freedom to anyone who spends the time to learn.