Wednesday, October 5, 2022

What is the Fate of Crypto’s Future in the UK as PM Boris Johnson Resigns?

Mass resignations seem to be the order of the day globally even in the cryptosphere. United Kingdom Prime Minister, Boris Johnson announced his resignation from office today. Although, he is staying until a replacement is found.

The British politician served as the United Kingdom’s Prime Minister under the Conservative Party since 2019. Before he was appointed PM, he served as the Mayor of London and the Secretary of State for Foreign and Commonwealth Affairs. During his tenure, Boris Johnson showcased his enthusiasm toward digital assets and his interest in making the UK a hub for crypto. 

Boris Johnson Encouraged a Crypto Atmosphere 

In his time in office, the government announced plans to regulate cryptocurrency and authorize stablecoins for digital payments. Another plan of the UK is to design its own non-fungible token (NFT). 

Also, the country noticed the recurrence and gravity of crypto fraud and scams not only in the country but globally. Therefore, the government charged the Financial Conduct Authority (FCA) to heighten its regulatory oversight. In March, the FCA successfully placed 50 crypto firms under investigation. 

The financial watchdog has positioned itself to pick out suspected counterfeit firms. Customers are warned to gather information before any investment is made. So far, 35 companies have received authorization to operate in the UK.

Just like we have it in politics, some key shareholders in the crypto space are also pulling out of office. Babel Finance, a Hong Kong-based crypto lender, lost a couple of its top executives owing to the prevalent market conditions. The chief of Babel’s global partnership department Yulong Liu is one of those who took his leave of the company.

Following the resignation of its top executives, Babel Finance made plans to onboard a restructuring specialist, Houlihan Lokey. Babel is hopeful that Lokey will savage the current situation. 

Finally, talks are suggesting that Rishi Sunak the UK’s Chancellor will take over from the outgoing PM. He at one time asked the Royal Mint to design the NFT which will be launched this summer. With Sunak as a consideration, crypto is likely to maintain its position on the government’s agenda.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

Related Articles

Stay Connected

0FansLike
0FollowersFollow
2,043FollowersFollow

Latest Articles

%d bloggers like this: