This UK Parliament member wants the country to be a hub for cryptos

ambcrypto.com:

“We want to become the country of choice for those looking to create, innovate and build in the crypto space,” said UK Economic Secretary to Treasury Richard Fuller. 

This statement was made as part of theparliamentary debate on crypto assets regulation in the country. He added that with the new PM, the United Kingdom would become the “dominant global hub for crypto technologies.” Liz Truss has assumed the office of the Prime Minister of the UK only this week.

The crypto regulation debate began as Martin Docherty-Hughes, MP, West Dunbartonshire raised this issue in Parliament. In his speech, Fuller underlined the need for a robust set of regulations that would enable the sound functioning of cryptos.

An important step in this direction is the Financial Services and Markets Bill. It aims to harness the benefits of stablecoins. Furthermore, it aims to offer better services due to a competitive payment systems market. At the same time, it will safeguard the consumers if a stablecoin provider becomes insolvent.

Another bill in this direction will be the Economic Crime (Transparency and Enforcement) Bill. This will give law enforcement new powers to seize and recover crypto assets from criminals. Fuller also added that crypto firms must conduct due diligence checks, similar to how banks do.

In the UK, all the crypto firms in the country need to register with the Financial Conduct Authority (FCA). This rules stands as per the UK’s anti-money laundering and counter-terrorist financing regime. 

Only a few days back, the Office of Financial Sanctions Implementation (OFSI) hadruled that crypto firms are now required to report any individual to the OFSI who is suspected to be sanctioned or having committed an offense under financial