Rishi Sunak

It has been confirmed that the United Kingdom Conservative party has just named Rishi Sunak as its new party leader, paving the way for him to become the next prime minister. Upon coronation, Sunak will succeed Liz Truss, who resigned last week.

Crypto Ambassador “Sunak” Takes The Top Seat

Rishi Sunak’s elevation to power might be a big boost to the crypto community as it could reignite his previous plans to launch an NFT with the country’s Royal Mint, making the UK the crypto-friendly- state.

Rishi Sunak is a former Goldman Sachs analyst renowned in the crypto industry for proving himself open to the possibilities of digital assets when he was serving as chancellor between February 2020 and July 2022.

Earlier this year, Sunak set out a proposal to make the United Kingdom the crypto-friendly tech hub. He also announced plans to launch a new non-fungible token collection dubbed “poorly judged gimmick.”

Furthermore, Sunak proposed a proper regulatory framework for stablecoins, which could pave the way for these digital assets to become recognized forms of payment in the United Kingdom. The United States recently passed similar recommendations.

All Eyes For Sunak On Crypto Clarity In the UK

Rishi Sunak’s appointment for the top seat appears amid a protracted period of confusion around crypto regulation in the United Kingdom, with many crypto firms awaiting verdicts from the financial regulator on anti-money laundering licensing.

Unfortunately, the licensing process from the Financial Conduct Authority (FCA) has forced many companies to shift their operation elsewhere outside the UK market. Crypto market maker Blockchain.com and wallet firm Wirex are recent perfect examples, which decided to seek licenses elsewhere.

In the meantime, many crypto communities anticipate Rishi Sunak administration will set a proper crypto regulation framework, which might transform the United Kingdom into a new crypto-friendly state and home of NFTs.

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