Why are cryptocurrency enthusiasts excited about new British PM Rishi Sunak – The Week

He had expressed his desire to turn the UK into a "crypto hub”
As Rishi Sunak became the prime minister of the UK, the crypto community is visibly excited. The reason: he is seen as a supporter of cryptocurrencies because of his earlier statements.

When Rishi Sunak was the chancellor of the exchequer in the Boris Johnson cabinet, he had expressed his desire to turn his country into a "crypto hub."

In April, he had said about proposed regulatory reforms for stablecoins, “It is my ambition to make the UK a global hub for crypto-asset technology, and the measures we have outlined will help to ensure firms can invest, innovate and scale up in this country."

"We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term. This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.”

Besides, he had also commissioned a nonfungible token (NFT) when he was the chancellor as part of the efforts to make the UK a "global cryptoasset hub".

He had helped in the formulation of the Financial Services and Markets Bill in July, which had listed as one of its aims the intention to "harness the opportunities of innovative technologies in financial services."

In a tweet, when a user pointed out that as a Sunak is "big on crypto" maybe cryptocurrency exchange platform Binance can "help in directing Mr Sunak in turning UK London into a Crypto hub," Changpeng Zhao, CEO of Binance, said, "Said hi to @RishiSunak
for 2 seconds on Jun 20 (4 months ago, at a party). Didn’t have a chance to chat. He just demonstrated a small setback often leads to big wins in the long run. 👏 Hoping for big things in UK."
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Post expires at 1:48pm on Wednesday April 26th, 2023

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