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The UK Takes Steps to Embrace Blockchain Technology

2022-04-06_11h12_21

The UK shows it’s embracing Blockchain technology as Chancellor of the Exchequer Rishi Sunak announces Royal Mint will issue an official NFT. 

The NFT will come as part of a broader effort to support blockchain technology. The Treasury also laid out plans to “regulate stablecoins. He wants them recognised as a valid form of payment.” These decisions are part of a grander scheme to make the UK “a global hub” of crypto-asset technology, according to their press release

“It’s my ambition to make the UK a global hub for crypto-asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

Chancellor of the Exchequer, Rishi Sunak

The country’s economic secretary John Glen stated the move takes a “forward-looking approach” to cryptocurrency and NFTs. He added the UK government is aiming to create a “dynamic regulatory landscape” to welcome the technology. There are legislative plans to embrace stablecoins into the country’s payment infrastructure.

It seems as though there is an element of fear of missing out at play. Glen was aware of concerns surrounding NFTs but he cast the project as an opportunity to get “in on the ground floor” should they take off. But Glen will be relieved to learn that a lot of the objections are misplaced. Many people are misled about the environmental concerns regarding NFTs and blockchain technology. Messari released a report which demonstrated that the gold industry and the global banking system have higher emissions than Bitcoin. 

A Cryptoasset Engagement Group is also being formed which includes representatives from the FCA, the Bank of England, and businesses.

“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term,” said Sunak.

“By recognizing the potential of this technology and regulating it now, the government can ensure financial stability and high regulatory standards so that these new technologies can ultimately be used both reliably and safely,” reads the government’s press release. 

It is likely that this will have mixed reactions from crypto and NFT fans in the UK. Words like “regulation” are likely to draw up red flags for many people. However, in the grand scheme of things, regulation is the only way to get mass adoption. It is a positive step for blockchain fans and businesses in the UK. 

UK Blockchain Companies

The news will be welcome to many UK Blockchain businesses. Notably, the British Blockchain Association and Opis Group. Recently the latter met with Matt Hancock at the Crypto Club Global dinner to discuss regulations in the crypto industry. 

Opis Group has two subsidiary companies Opis Games and Opis Cloud. Opis Cloud specialises in cloud computing and cryptocurrency. Opis Games produces play-to-earn games that reward players with cryptocurrency and NFTs. 

Follow the links to learn more about the subsidiary companies:

Opis Games’ OpiPets

Opis Cloud

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