The UK government has announced plans to mint a local NFT, aiming to “lead the way” in the crypto industry. Finance Minister Rishi Sunak ordered the Royal Mint – the state company that handles the minting of coin in the UK – to launch its own local NFT “by this summer.”
The United Kingdom wants to establish itself as a “world leader” in technology related to crypto, and thus intends to develop the necessary regulations, as well as to legalize stablecoins as a payment method within the nation.
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Economic Secretary John Glen said:
“We shouldn’t be thinking of regulation as a static, rigid thing. Instead, we should be thinking in terms of regulatory ‘code’ - like computer code - which we refine and rewrite when we need to.”
Ultimately, the goal is to make the UK a global crypto technology hub. By regulating cryptocurrencies now, the government can guarantee financial stability and regulatory standards, enabling blockchain-based technologies to be safe and reliable for everyday use.
The government seeks to further develop services on the blockchain: tax treatments for DeFi loans and stakings.
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“No one knows for sure yet how Web 3.0 is going to look. But there’s every chance that blockchain is going to be integral to its development,”
Glen underlined.
