regulators have had entirely defensive attitude to growth.
Cryptocurrencies | The Guardiantheguardian.com/technology/202…t"We are establishing a framework for regulating cryptoassets and stablecoins. This includes ensuring that the Treasury has the powers to regulate cryptoassets within the existing financial services framework which could cover those relating to the trading and investment of cryptoassets."
This statement reflects a pro-innovation yet regulated approach to crypto. By stating that cryptoassets and stablecoins will be brought under the existing financial services framework, the UK government—under his oversight—was signaling its intent to legitimise and regulate, not restrict, the sector.
On the potential economy, the hon. Lady might be familiar with the work done by PricewaterhouseCoopers that estimates that blockchain technology, which underlies what is often referred to as crypto, could boost the UK economy by £57 billion by 2030. That is a sizeable opportunity and we are keen for the UK to seize its fair share.
This statement expresses a clearly supportive and optimistic outlook on blockchain technology and, by extension, crypto. Citing PwC’s £57 billion economic potential by 2030, it frames blockchain as a strategic economic opportunity the UK is eager to capitalise on.
At a Treasury Select Committee hearing he also suggestied that the objective of the Government at the time was to "continue to seek for the UK to be the home for a well-regulated, technologically advanced financial system, and there is room for [crypto] within that"
This comment reinforces a constructively pro-crypto stance, emphasising the UK government’s ambition to be a global leader in financial innovation, with crypto included as long as it fits within a well-regulated system. It shows a clear willingness to embrace digital assets as part of the UK’s financial future.
Cryptoassets and blockchain could have a profound impact across all forms of the financial services sector.
This statement reflects a positive and optimistic view of cryptoassets and blockchain, recognising their potential to transform the entire financial services sector.