The UK Economy Minister says the FTX collapse will not derail his crypto plans.
British Economy Secretary Andrew Griffith reiterated the country’s goal of becoming a key hub for the crypto industry, saying there is no reason to change course.
UK Remains Aiming To Be A Key Center In The Crypto Industry
British Economy Minister Andrew Griffith spoke about the country’s crypto plans at TheCityUK’s National Conference in Edinburgh.
Griffith spoke of the plans:
“We continue to develop this agenda, and I continue to chair the crypto-engagement group to learn from the industry and share progress. Yes, there are questions about the future of crypto, but it would be foolish to ignore the potential of the underlying technology.”
His predecessor, John Glen, laid out the UK’s crypto-specific goals in April when Rishi Sunak, now prime minister, was then-Prime Minister Boris Johnson’s Finance Minister. Glen resigned in July as ministers left the Johnson government, while he returned as Chief Secretary of the Treasury. Since FTX ended last month, lawmakers have become more skeptical and the industry has raised questions about the issue in parliament.
Griffith also used the following words on this subject:
“Recent events in the crypto market strengthen the case for timely, clear and effective regulation for me. The Financial Services and Markets Bill enables us to establish a framework for regulating cryptoassets and stablecoins in the UK, and we will be advising a world-leading regime for the rest of the cryptoasset market later this year.”
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