Crypto industry welcomes Rishi Sunak

by IANS |

New Delhi, Oct 25 (IANS) Indian-origin Rishi Sunak who is set to take charge as the British Prime Minister, shepherded the UK's new crypto ambitions during his tenure as Chancellor.

Under former Prime Minister Boris Johnson, he wanted to turn the country into a crypto hub, reports CoinDesk.

He helped formulate the Financial Services and Markets Bill, which, if passed into law, could give local regulators sweeping power over the crypto industry.

It is likely to begin with bringing asset-driven crypto, like stablecoins, into the scope of payments regulations.

"Under his leadership, the country's coin producer, the Royal Mint, was tasked with creating a non-fungible token (NFT) collection, which has yet to come to fruition," the report mentioned.

Adam Jackson, director of policy at Innovate Finance, called Sunak a "champion of fintech".

"It's a positive for crypto and the general economy," Ian Taylor, director of the industry lobby group CryptoUK, told CoinDesk.

As Johnson's chancellor, Sunak was also behind the financial aid during Covid lockdowns -- including furlough payments and the 'Eat Out to Help Out' scheme for restaurants.

Sunak, 42, a Conservative Party politician who is of Indian descent, will be the next Prime Minister of Britain.

In his first, brief public statement after being elevated, he said: "I pledge that I will serve you with integrity and humility; and I will work day in, day out to deliver for the British people."

It will be the first time a non-white will occupy the position of head of government in the US.

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