Rishi Sunak was chosen to be Prime Minister following the controversial resignation of Liz Truss last week. During his time as finance minister, Sunak had guided the UK’s new aspirations regarding cryptocurrencies.
The new prime minister was chosen on Monday by his Conservative Party peers to replace Truss, who was in power for just 45 days and was forced to resign after his economic stimulus plan quickly failed and created political and economic instability.
During his time as finance minister under former Prime Minister Boris Johnson, Sunak announced that he wanted to turn the UK into a crypto hub. Additionally, he helped introduce the Financial Services and Markets Bill which, if passed into law, could give local regulators significant power over the cryptocurrency industry.
The Truss government had expressed commitment to Sunak’s plans for crypto, but her resignation threatened to stir the issue up again. The local crypto industry, which had been in contact with Sunak about regulating him during his tenure as finance minister, is ready to welcome his appointment as head of the government.