Crypto-Friendly Sunak to Become New Prime Minister of the United Kingdom

Last Updated on 10/25/2022 by てんしょく飯

Mr. Sunak, who pioneered new UK initiatives on crypto assets (virtual currencies) during his time as Finance Minister, will become the next Prime Minister of the United Kingdom.

Mr. Sunak was elected to succeed Ms. Truss on October 24.

Sunak won an uncontested election for the leadership of Britain’s ruling Conservative Party on October 24 and was elected to succeed Truss. Truss was forced to resign after only 45 days in office due to the political and economic turmoil caused by the collapse of the economic stimulus package.

During his time as finance minister under the previous Johnson administration, Sunak announced that he would make the United Kingdom a hub for crypto assets. The bill, if passed, would give regulators broad powers over the crypto asset industry, first working to bring asset-linked crypto assets such as stablecoins into regulation. Under the current Truss administration, the Royal Mint was ordered to issue NFTs, but this has yet to happen.

The Truss administration had been pushing Sunak’s crypto asset initiatives, but with Truss’ resignation, things could change. The UK crypto asset industry, which has communicated with Sunak about crypto asset policy during his time as finance minister, has welcomed Sunak’s appointment as prime minister.

Adam Jackson, policy director of Innovate Finance, a UK tech industry group, called Sunak a “champion of fintech.

It’s “positive for crypto assets and the economy in general,” Ian Taylor, director of industry lobby group CryptoUK, told CoinDesk.