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ARTICLE · 11 APRIL 2022

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The UK's Plan To Become A Global Crypto Hub

Hogan Lovells Cadwalader
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On April 4, 2022, the UK government announced plans to become a "global hub" for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by...

United KingdomTechnology
Michael Sholem
Michael Sholem
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On April 4, 2022, the UK government announced plans to become a "global hub" for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by the Royal Mint, together with other measures, including the introduction of a "financial market infrastructure sandbox" to help firms experiment and innovate. The proposals were laid out in a speech by John Glen, Economic Secretary to the Treasury, at the Innovate Finance Global Summit. In January 2021 the UK government issued a consultation on cryptoassets and stablecoins, and it has now published its response outlining the feedback received from 89 parties and setting out detail on proposed changes to the regulatory perimeter.

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