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Two years on, is Rishi Sunak’s cryptoasset hub dream dead?

UK cryptoasset hub
Image credit: Mc_Cloud / Shutterstock

Two years ago, Prime Minister Rishi Sunak – then serving as Boris Johnson’s chancellor – declared it was his “ambition to make the UK a global hub for cryptoasset technology”.

Sunak, speaking along with John Glen – then the economic secretary to the Treasury, now paymaster general – at the Innovate Finance Global Summit in April 2022 said that “the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

Glen conceded that the government’s goal was “not going to happen overnight”.

But now, two years later, what progress has the UK made towards becoming a global hub for cryptoasset technology?

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April 2022 was an interesting time for crypto. The historic heights of 2021 were cooling off but the world was still a few months away from a string of disasters that would bring the entire industry into question....