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UK’s Crypto Strategy ‘Back to Square One’ as Sunak, Glen Quit

  • Sunak, Glen were key architects of crypto-friendly campaign
  • UK PM Boris Johnson has faced onslaught of resignations
Puzzle cubes displaying logos of different cryptocurrencies at the CryptoCompare Digital Asset Summit in London, U.K.

Puzzle cubes displaying logos of different cryptocurrencies at the CryptoCompare Digital Asset Summit in London, U.K.

Photographer: Luke MacGregor/Bloomberg

The UK’s plan to turn itself into a global crypto hub just suffered a major setback, with the initiative’s two most important backers quitting Prime Minister Boris Johnson’s government. 

Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen were the architects of a campaign launched in April to strengthen the nation’s image as a crypto-friendly jurisdiction. That push came after years of regulatory caution that prompted many crypto companies to relocate elsewhere.