Digital Minister of the United Kingdom Chris Philip has revealed administrative plans by the government to turn the country into a ‘Global Crypto Hub’ while also taking a cautious approach towards the potential crimes within the digital asset space.

Stating in a radio interview with Bloomberg, the minister made it known that the government would push to develop the country and London into crypto centers. This is coming after the UK treasury outsourced such a strategy following the disagreements between the crypto industry and the regulators of the nation that imposed overarching oversights on the sector.

Philip’s response is coming as some sort of relief to the industry. He however insisted on cooperation with the Financial Conduct Authority (FCA) and the Bank of England to ensure that a balance is struck via the regulatory authorities.

FCA is known for its unfriendly stance on digital assets. Having put a controversial ban on retail investors trading crypto derivatives in 2020 because the investors tended to have inadequate knowledge of futures, options, and others which led to great losses.

The minister also stressed the importance of having a set of rules in place to tackle money laundering crimes and those who use crypto to circumvent sanctions.

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