Sunak's Cryptocurrency Charm Offensive Ends With Truss Election

Rishi Sunak Loses the Race For Presidency

The future of the UK's cryptocurrency policy is more uncertain with the election of Liz Truss as its next prime minister. The newly elected Conservative leader, who will replace Boris Johnson as the head of the country, has not yet stated a consistent view on digital assets. Her defeated opponent, Rishi Sunak, was viewed positively by the business community.

Since 2021, Truss has worked as secretary of state for foreign, Commonwealth, and development affairs. In 2019, she also served as the minister for women and equality. Truss has worked for the government under three different prime leaders.

She has not yet outlined specific regulations or plans for the cryptocurrency industry. There are rumors that she would choose Kwasi Kwarteng for the top Treasury position. Kwarteng accelerated laws to fix "dirty money" that foreign oligarchs were moving around while serving as business ministers.

Rishi Sunak Loses the Race For Presidency

Sunak, who lost the race for the presidency, had a more overt interest in cryptocurrencies during his time as chancellor of the exchequer from February 2020 to July 2022. He announced ambitions to turn the UK into a cryptocurrency-friendly tech center in April this year and stated the Royal Mint would introduce an NFT this summer. Stablecoins could be used in the UK as a recognized form of payment thanks to his efforts to bring them under the legislation.

The action was taken as companies awaited decisions from the financial regulator about anti-money laundering licenses during a prolonged time of confusion surrounding cryptocurrency regulation in the UK. As a result, the Financial Conduct Authority (FCA) procedure made several, including cryptocurrency market creator B2C2, Blockchain.com, and wallet provider Wirex, reassess their status in the UK market.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Cryptocurrencies Rishi Sunak UK cryptocurrency policy Boris Johnson Liz Truss

Sunak's Cryptocurrency Charm Offensive Ends With Truss Election

Gungun Bhatia

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.