GB Market Commentary 05/04/2022
by Marcus Sotiriou
As Bitcoin holds above the pivotal $46k level, regulation continues to advance as the U.K. government has revealed a detailed plan to make the country a global crypto hub. This plan includes establishing a regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by the Summer.
Rishi Sunak said, “It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.” Furthermore, the economic secretary said, “We’re on the cusp of something important” and “We have the opportunity to shape and lead it.” This is a promising step for the U.K. as it seems as though they are beginning to understand the opportunity that presents itself by being open and accommodative of the unstoppable revolution.
In addition, Vietnam, which has a population of almost 100 million, is also developing a legal framework for cryptocurrency. The Vietnamese Deputy Prime Minister Le Minh Khai reportedly notified three ministries last week instructing them to work with the central bank, the State Bank of Vietnam, and other relevant bodies. It seems as though there is now acceptance globally that crypto is here to stay and governments are creating solutions of how to integrate the technology rather than ban it.