- Fuller replaced John Glen as Economic Secretary to the Treasury in July.
- Fuller participated in the first crypto discussion in Westminster this week.
Economic Secretary to the Treasury Richard Fuller has said that the United Kingdom intends to “become the country of choice for those looking to create, innovate and build in the crypto space.”
Fuller participated in the first crypto discussion in Westminster this week. He said that the new government led by Liz Truss is “seeking ways to achieve global competitive advantage for the United Kingdom.”
Fuller stated:
“The UK can either be a spectator as this technology transforms aspects of life, or we can become the best place in the world to start and scale crypto technologies. We want the UK to be the dominant global hub for crypto technologies, and so will build on the strengths of our thriving fintech sector, creating new jobs, developing groundbreaking new products and services.”
Regulatory Framework Needed
Moreover, Fuller, who replaced John Glen as Economic Secretary to the Treasury in July and remained in his position under the new cabinet, has stated that the new administration is dedicated to the Financial Services and Markets Bill. This bill was recently introduced and proposes significant changes to the regulation of UK financial services. This includes the creation of a regulatory framework for stablecoins.
To “harness” the advantages of stablecoins to reduce costs and enhance services, as the Treasury official put it, the measure would strengthen the current regulatory framework. The Bank of England released its Financial Stability Report earlier this year. It highlights the dramatic decline in cryptocurrency prices after the major sell-offs in May and June of this year.
The Bank of England acknowledged that the collapse “did not pose risks to financial stability overall.” But it has warned that stricter restrictions are necessary to safeguard the broader financial system in the future.
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