Here Are Rishi Sunak’s Most Urgent Crypto Tasks as UK Leader

tech.hindustantimes.com:

As Chancellor of the Exchequer, Rishi Sunak outlined an ambitious plan to turn the UK into a crypto hub. As prime minister, he'll be under pressure to deliver on that pledge while at the same time containing an economic crisis.

Crypto executives and investors interviewed by Bloomberg News greeted Sunak's appointment with cautious optimism. Yet they also said the UK's political upheaval in recent months has increased the urgency of formulating a comprehensive regulatory regime for the sector.

Sunak took a big step to alleviate the industry's concerns by appointing John Glen, who was previously de facto czar for digital assets, as chief secretary to the Treasury. Yet jurisdictions from Japan to the EU have firmed up their regulatory regimes over the past few months, putting the UK at a competitive disadvantage.

“This change in leadership could prove crucial in achieving the aspirations which were set out earlier this year around transforming the UK into a globally recognized financial hub,” said Jamie Burke, founder and chief executive of London-based venture capital firm Outlier Ventures. But the government must take a “proactive action to provide effective and timely regulation for the sector” to regain lost ground.

Here are some of the most urgent areas for Sunak to tackle, according to crypto executives:

Regulatory Clarity

Many among the more than half a dozen entrepreneurs, investors and analysts interviewed said mixed messaging from authorities on crypto has hampered Sunak's ambitions.

In April, on the day that Glen proclaimed the UK was “open for crypto business,” Bank of England Governor Andrew Bailey described digital assets as the new “front line” in criminal scams.

“A lack of clarity makes it difficult for any industry