Fuller advocated for "powerful" applications of cryptocurrency and blockchain technology during a parliamentary discussion on crypto asset regulation in the U.K. on Wednesday. These applications include using distributed ledger technology for customs and international trade, storing medical records on the blockchain, and storing cryptocurrency on the Internet of Things.
Alexander Stafford, the newly elected PM Liz Truss's parliamentary private secretary, continued by saying that the prime minister "reaffirmed" her commitment to providing internet connectivity for the United Kingdom. To provide them access to purchase, sell, and mine cryptocurrencies.
MP Richard Fuller states,
"We want to become the country of choice for those wishing to create, innovate, and build in the crypto field."
The UK government has always looked for ways to give the country an advantage in international competition. They now want to make the country a welcoming place for crypto technologies to draw investment, create jobs, raise tax revenues, and usher in a new era of ground-breaking products and services.
The Financial Services and Markets Bill legislation, which aims to establish a regulatory framework for stablecoins, will be introduced by the UK government under the new PM Truss in July. Support for the Economic Crime (Transparency and Enforcement Act), which would give law enforcement new powers to seize and recover crypto assets, has also been suggested.
"The UK may either become the greatest site in the world to build and scale crypto technologies or can be a spectator to the technological advancements over the transitioning elements of life."
To make the UK a leading global center for crypto technology, as well as to fortify the burgeoning financial industry, create jobs, and build ground-breaking new services and products.
On January 26, 2022, Matt Hancock, the former Secretary of State for Health and Social Care, encouraged the House of Commons to make England home to cryptocurrencies. This marked a transition in the UK. He emphasized the advantages of cryptocurrencies and fintech adoption for economic stimulation and the reduction of financial crime during his address, and he asked the government to make sure they develop progressive policies in the area.
Due to the transparency that fintech and crypto can provide can boost the economy and reduce fraud and other financial crimes. In addition, he added that these innovations could potentially disrupt the financial industry, similar to how social media has changed communication and online shopping has changed retail.
All of this started when several MPs and members of the House of Lords joined together to form the Crypto and Digital Assets Group, which aimed to ensure that upcoming laws for the sector would foster innovation rather than stifle it.
He continued by stating that UK-based blockchain technology companies and cryptocurrency businesses will consider moving their headquarters to nations with friendlier attitudes toward cryptocurrencies if the government cannot catch up by the end of 2022.
However, the current government has already begun to pave the way toward the fintech and cryptocurrency industries, showing significant signs for the UK and its growing lead in the sector.