Will the UK Government's 'Agile' Legislation Put Crypto on the chopping block? | Crypto

Will the UK Government’s ‘Agile’ Legislation Put Crypto on the chopping block?

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– Rishi Sunak has withdrawn from the public eye since losing the Tory leadership race to Liz Truss earlier this month.

– Sunak was a crypto evangelist and had high hopes for the role digital assets could play in advancing the U.K.s economy.

– The Crypto and Digital Assets All Party Parliamentary Group held its first debate in Parliament following Truss election and Kwasi Kwartengs appointment as the new Chancellor of the Exchequer.

– The governments representative, Economic Secretary to the Treasury Richard Fuller, stated that the government will be seeking ways to achieve a global competitive advantage […] as crypto technologies grow in significance.

– Fuller noted the trust the U.K. has in its regulators to work quickly and effectively to bring stablecoins within the regulatory perimeter, implementing a more agile and internationally competitive set of rules that will harness the potential of the [local] financial services to stimulate growth across the country.

– The idea that general-purpose legal instruments create a more flexible way to regulate the crypto space than purpose-built frameworks such as the EUs Markets in Crypto Assets (MiCA) legislation seems to be a theme of the governments approach.

– One of the more crypto-skeptical MPs present at this months debate, Martin Docherty-Hughes of the Scottish National Party, didnt mince his words on the topic: In pretending that they have no levers at their disposal, the spies and speculators who have proliferated all the way through our economic history have re-emerged in the guise of the crypto bros.

crypto uk legislation parliament Will the UK Government's 'Agile' Legislation Put Crypto on the chopping block?

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