The UK Wants to Become the World’s Crypto Center

The Ministry of Digital Technologies, Culture, Media and Sports of Great Britain plans to turn the country and its capital London into a “crypto center,” Bloomberg has reported citing the head of department Chris Philp.

At the same time, he has stressed that the authorities of the country are going to carefully study the issues of possible money laundering or circumvention of sanctions using cryptocurrencies.

Philp has added that the Treasury, the Bank of England and its Prudential Regulatory Office, and the Financial Conduct Authority are working closely together to “get the balance right” on regulation.

The Central Bank of Great Britain published in March the framework principles for the formation of a regulatory framework for cryptocurrencies with an emphasis on future risks to financial stability.