Thread by @gverdian

UK's @hmtreasury plan to become a global hub for Cryptoassets.

The UK was the first country to officially assess the Satoshi paper. In early 2009 I had the policy team review and assess the impact of crypto assets when I was at HM Treasury.

gov.uk/government/new…

1/

Summary of the plan:
- Stablecoins to be brought within regulation paving their way for use in the UK as a recognised form of payment.
- Announcement part of a series of measures to make the UK a global hub for cryptoasset technology and investment.

2/

- Measures include legislating for a ‘financial market infrastructure sandbox’ to help firms innovate, an FCA-led ‘CryptoSprint’,
- working with the Royal Mint on an NFT, and an engagement group to work more closely with industry.

3/

- introducing a ‘financial market infrastructure sandbox’ to enable firms to experiment and innovate,
- establishing a Cryptoasset Engagement Group to work more closely with the industry,

4/

- exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market
- working with the Royal Mint on a Non-Fungible Token (NFT) this summer as an emblem of the forward-looking approach the UK is determined to take
5/

Very promising for the UK and great leadership from @RishiSunak & @JohnGlenUK.

Driving innovation and growth on top of Financial Services and FinTech leadership for the evolution of finance embedded with #DLT and #Blockchain infrastructure to power #CBDCs and Crypto Assets.

/6