Optimism for crypto as advocate Rishi Sunak becomes UK’s PM

Rishi Sunak will be the U.K.’s next prime minister, providing a glimmer of hope for  the world’s sixth-largest economy and optimism in the crypto industry, as it’s known that Sunak is a firm crypto advocate.

Crypto industry welcomes its loyal advocate – Rishi Sunak

The United Kingdom’s incoming prime minister is set to take the seat following the resignation of Liz Truss. He has already served as Chancellor of the Exchequer under the former Prime Minister Boris Johnson. 

Lately, Sunak has been known for his cutting-edge plans to make Britain a hub for crypto technology and is a massive advocate for the country’s CBDC, dubbed the digital pound.

“It’s my ambition to make the UK a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” Sunak said recently.

He added that the main plan is “to ensure the UK financial services industry is always at the forefront of technology and innovation.”

Asking Royal Mint to create NFT

Previously, Sunak showed himself a firm believer in all things crypto, including Web3 and the Metaverse. Recently, he asked the Royal Mint, the creator of British coins, to create NFTs in order to prove the UK’s commitment to go deeper into cryptocurrency technology. 

Sunak also oversaw the drafting of the Financial Services and Markets Bill, which is now awaiting approval by Parliament. He has promised to provide a regulatory groundwork for stablecoins and crypto assets.

Join us: 14 – 18 November for Malta Week

One of the first European countries to regulate the gaming sector, Malta is a hub of global business. The island is an obvious choice for SiGMA’s presence in Europe and a strong foundation for the field’s future. With a plethora of prospects for both investors and entrepreneurs looking to shape the future of this multi-billion dollar business, Malta Week will bring together industry giants among the affiliates, operators, and suppliers of the gaming sector.