UK Minister Wants Nation To Be a Crypto Hub, Minus the Criminals

The UK's digital minister reiterated the government's ambition to make Britain a global crypto hub while sounding a cautious note about the potential criminal uses of digital assets. From a report: "We do intend the United Kingdom and London to be crypto centers," Chris Philp said in an interview with Bloomberg Radio on Wednesday. "But of course we've got to do that in a way that protects the public and in particular pays attention to issues concerning for example money laundering, and making sure that crypto is not used as a way to circumvent things like sanctions." The UK Treasury in April announced plans to make the country a global crypto hub, soothing an industry that had sparred with the financial regulator over what it considered to be overly strict guardrails. Retail investors in the UK are barred from using crypto derivatives, and authorities are imposing tougher rules on marketing. [...] "The Treasury are working closely with the Bank of England, the Financial Conduct Authority and the Prudential Regulation Authority to make sure that balance is struck in the right way," said Philp.

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