Whilst the European Union waits for its Markets in Crypto-assets proposal (MiCA), the Digital Operational Resilience Act (DORA) and Member States such as Malta and Italy to adjust their framework accordingly, the U.K. government, leveraging its legislative freedom, announced its breakthrough plan to transform Britain into a Global Cryptoasset technology hub. Coined as the ‘Crypto Push’, Chancellor of the Exchequer, Rishi Sunak cemented this and stated:
“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”
To kickstart the plan, the U.K. government announced several facets, including:
Albeit the Crypto Push has been criticised and touted as gimmick by several Member of Parliaments, it was certainly a push into the right the direction for the world of FinTech.
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