Much to the UK crypto community’s delight, pro-crypto British Conservative party leader Rishi Sunak has been appointed as the next prime minister of the United Kingdom. Sunak’s ascent to power is being welcomed in the crypto space as he is known to have spearheaded the crypto cause in the country during his tenure as Chancellor of the Exchequer.
The first Indian-origin PM of the United Kingdom, Sunak will replace Liz Truss, who stepped down last week after her economic stimulus plan unraveled, leading to political and economic instability. Truss’ leadership lasted all of 45 days. After Truss’ resignation, Rishi Sunak was chosen by his fellow Conservative Party members on 24 October to take on the prime ministerial role.
Rishi Sunak’s contribution to UK crypto space
Before the latest role, Sunak served as the finance minister under former Prime Minister Boris Johnson. During his term, Sunak announced his intention to turn the UK into a crypto hub. Toward that end, he helped usher in the Financial Services and Markets Bill.
If the law is passed, it could be a game-changer that gives local regulators broad power over the crypto industry. To start with, cryptos that are pegged to assets, like stablecoins, could be brought under the ambit of payment regulations.
Earlier, the Conservative government under Sunak’s predecessor Truss had reaffirmed their commitment to the crypto plans proposed. The appointment of Sunak as PM thus has further boosted the UK’s chance of becoming a “crypto hub.”
Under his leadership, the country’s coin producer, the Royal Mint, was also tasked with creating a Non-Fungible Token collection for the UK. The collection is yet to come to fruition, though.
Crypto industry responses
After news about Sunak taking on the new leadership role broke, Adam Jackson, director of policy at Innovate Finance, a UK-based tech industry body that advocates for crypto, called the former Chancellor a “champion of fintech.”
Ian Taylor, director of the industry lobby group CryptoUK, too joined in to express his thoughts on the newly appointed prime minister. He told CoinDesk that Sunak’s ascent is a positive development for the general economy as well as the crypto market.
