UK's Crypto Agenda Won't Be Derailed by FTX Collapse, Minister Says

The country has a goal of becoming a crypto hub.

AccessTimeIconDec 1, 2022 at 1:17 p.m. UTC
Updated Dec 1, 2022 at 3:57 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

U.K. Economic Secretary Andrew Griffith reiterated the country's commitment to becoming a key center for the crypto industry, saying the collapse of FTX isn't a reason to change course.

"We’re driving forward this agenda, and I continue to chair the crypto-engagement group to hear from industry and share progress," Griffith said at TheCityUK’s National Conference in Edinburgh, Scotland, on Thursday. "Yes, there are questions about the future of crypto, but we’d be foolish to ignore the potential of the underlying technology."

His predecessor, John Glen, set out the U.K.'s crypto ambitions in April, when Rishi Sunak, now the prime minister, was chancellor of the Exchequer under then-Prime Minister Boris Johnson. Glen resigned in July as ministers deserted Johnson's government, but he' is back as chief secretary to the Treasury. Since the demise of crypto exchange FTX last month, lawmakers have become more skeptical, and the industry has had to field questions in Parliament.

"For me, recent events in the crypto market reinforce the case for timely, clear and effective regulation," Griffith said. "The Financial Services and Markets Bill already enables us to establish a framework for regulating crypto assets and stablecoins in the U.K., and we will be consulting on a world-leading regime for the rest of the crypto-asset market later this year."

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.