UK Minister Wants Crypto Hub, Without Criminals

UK Minister Wants Crypto Hub, Without Criminals.

Even though he voiced concern about illicit activities, the digital minister of the United Kingdom emphasized his government’s desire to make the nation a center for bitcoin activity on a global scale. He emphasized that the country should become a global leader.

“We do intend the United Kingdom and London to be crypto centers. But of course we’ve got to do that in a way that protects the public and in particular pays attention to issues concerning for example money laundering, and making sure that crypto is not used as a way to circumvent things like sanctions.”

—Chris Philp in an interview with Bloomberg Radio on Wednesday

Back in April, the British Treasury announced that it intended to make the United Kingdom a member of the EU. a worldwide crypto hub. Economic Secretary John Glen stated that the country had a robust and internationally-recognized legal system, which would be a significant advantage in the process of the United Kingdom becoming a global financial center– an appealing center for any and all digital activities.

During the interview with Bloomberg, Philp said that the U.K. Treasury is collaborating with the Bank of England, the Financial Conduct Authority, and the Prudential Regulation Authority to achieve the appropriate level of regulatory harmony.

In addition to this, all of this is taking place against the background of the impending “crypto winter.” The cryptocurrency sector has been facing a number of challenges as of late, including increasing inflation and a number of high-profile failures, like that of the Terra network.

On Wednesday, the price of bitcoin came dangerously close to falling below $20,000 for the very first time in approximately 18 months. Additionally, a number of cryptocurrency tech firms have started initiating layoffs.