UK’s Crypto future in limbo as Truss wins Prime Minister race

livemint.com:

Britain’s prospects as a crypto hub remain uncertain after Liz Truss won the race to be its new prime minister, leaving entrepreneurs and investors wondering what policies -- if any -- await the digital asset industry under fresh leadership.

Truss, who on Monday beat former Chancellor of the Exchequer Rishi Sunak in the contest to be Conservative Party leader, has remained tight-lipped on her plans for virtual currencies to date. Her campaign has not responded to multiple requests for comment on her future policies for digital assets. 

By contrast, Sunak had emerged as a champion for crypto while he was Chancellor, unveiling a plan aimed at reviving the UK’s reputation as a leader in financial technology in April. That included a call for stablecoins to be regulated like non-banks, crypto infrastructure to be embraced and a request that the UK’s Royal Mint create its own nonfungible token.

An eagerness in government to move some of those proposals into legislation faded after Sunak resigned in July. As Truss inherits a forbidding in-tray that includes the UK’s cost-of-living crisis and potential recession, other crypto proposals are at risk of being shelved indefinitely. 

“Specificity on crypto policy is key," said Jackson Mueller, director of policy & government relations at Securrency. “Beyond several public statements, it’s not entirely clear how Ms. Truss will approach cryptoasset policy, nor what specific issues she intends to focus on." 

In the short term, Truss’s win means businesses that spent months forging relationships with Sunak and his team at the Treasury will now have to start afresh. A major question is who Truss may select for her new chancellor, a role which arguably holds the most influence over