Will the crypto agenda in the UK be affected by the FTX collapse? The country first outlined its vision of becoming a global crypto industry in April.
UK Economy Secretary Andrew Griffith reiterated the country’s commitment to becoming a crypto hub, saying the failure of FTX is not a reason to change course. “We are promoting this initiative on an ongoing basis and I continue to chair the Crypto Engagement Group to hear from the industry and share progress,” Griffith said at TheCityUK national conference in Edinburgh in Thursday. “Yes, there are questions about the future of crypto, but we would be foolish to ignore the potential of the underlying technology.”
His predecessor, John Glen, launched the UK’s crypto agenda in April, when Rishi Sunak, the current prime minister, was Chancellor of the Exchequer under then Prime Minister Boris Johnson. After Glen resigned in July after ministers abandoned the Johnson government, he returned as chief secretary to the Treasury. Since FTX died last month, lawmakers are more skeptical that the company must answer questions in parliament. “To me, recent events in the crypto market strengthen the case for a timely, transparent and effective regulation,”
Griffith said. “The financial services and markets already allow us to create a system to regulate crypto assets and stablecoins in the UK, and we will consider a global regulatory framework for the rest of the cryptocurrency market. crypto assets later this year.”