Rishi Sunak could be good for UK crypto, Expert says

Rishi Sunak as UK Prime Minister could be good news for the crypto sector in the country, says Katie Evans, Global Head of PR and Communications at Swarm Market.

42-year-old Sunak is the new leader of the Conservative Party, and hence the UK’s prime minister. Political and economic observers say the former Chancellor of the Exchequer is set to drive the United Kingdom in a different direction from the economic whirlwind that predecessor Liz Truss had steered towards in her short 45-day reign as premier.

UK prime minister is ‘no crypto hardliner’

Evans, a UK-based financial services and DeFi communications expert, who has over 10 years’ experience in the digital assets, capital and commodities markets, including positions at eToro and London Metal Exchange, believes Sunak’s ascent to 10 Downing Street could help drive further development of crypto in Britain.

Commenting on Sunak’s time as Chancellor of the Exchequer, Evans said in comments shared with Invezz:

“In his time as Chancellor, his fiscal policies during the COVID pandemic, like the eat-out-to-help-out scheme, were arguably forward thinking so it stands to reason he would boldly support the development of a digital asset economy in the UK. In short, the most important takeaway for the crypto community in the UK right now is that the person in charge of the country is no crypto hardliner, and sees the benefit of the digital assets revolution underway in financial services.”

She also notes that it’s under the new prime minister’s watch that legislation on the Financial Services and Markets (FSM) Bill began. 

The bill encompasses key regulatory frameworks designed to expand regulation beyond stablecoins and align the broader crypto asset class with policies across traditional financial products, something similar to what the German government has pushed over the past three years, Evans added.

“Let us also not forget that he was Chancellor who oversaw the Royal Mint’s announcement to issue its first NFT.”

As reported by Invezz in April this year, Sunak was at the helm of UK treasury when he asked the Royal Mint to create and issue an NFT. HM Treasury noted at the time that the move showed the “forward-looking approach” in regard to crypto assets in the country, and looking back to such suggests Sunak could help advance that approach.

Critical to these expectations could also be down to who joins Sunak’s Government going forward. For instance, its City minister Andrew Griffith who introduced amendments to the UK crypto bill and it would be interesting to see if he will continue in his position.

Other crypto-friendly figures like former Secretary of State for Health and Social Care Matt Hancock getting cabinet positions could be positive news for crypto.

Sunak is the first Hindu to become British prime minister. He is also the youngest person to lead the UK government in close to two centuries.