Resignation of Boris Johnson creates uncertainty on UK’s crypto future

Boris Johnson, the current Prime Minister of the United Kingdom, has resigned as the Conservative Party leader. Johnson will also leave his office as the UK’s head of state after the one who will take over as the new Prime Minister is found.

Boris Johnson resigns

Boris Johnson has served as the UK Prime Minister since 2019. On June 7, Johnson gave a speech saying that he was stepping down both as a leader of the Conservative Party and a Prime Minister. He added that he and cabinet members appointed recently would remain in power until a new leader is elected.

The resignation comes amid growing controversies about the UK Prime Minister. Members of his party and those from opposing parties demanded his resignation after it emerged that Prime Minister was aware of the former deputy chief whip Chris Pincher’s assault on two men. Despite knowing this, Johnson promoted Pincher.

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Johnson’s resignation has been pressured by massive resignations by top officials. The Economic Secretary of the Treasury, John Glen, and the Chancellor of the Exchequer, Rishi Sunak, were among those who resigned from their positions. Over 50 legislatures have also resigned.

New UK government and crypto regulations

During his tenure as Prime Minister, Johnson and regulatory agencies in the UK have taken a somewhat favorable stance on crypto firms. The UK Treasury Department has made several initiatives to adopt stablecoins for payments.

The Financial Conduct Authority (FCA), which is currently tasked with regulating the UK’s crypto space, has given the green light to 35 crypto firms to operate in the country. The FCA requires that firms comply with anti-money laundering and anti-terrorism financing laws before receiving approval.

The UK has also acknowledged the risks of an unregulated crypto space. The Advertising Standards Authority barred crypto firms from advertising in public areas. The agency also required these firms to notify their audience of the risks posed by crypto assets, such as their volatile price movements.

It remains to be seen how a new government in the UK will influence cryptocurrency activities. Several reports have predicted that Rishi Sunak could take over as the new Prime Minister. Sunak’s appointment could see the government continuing to promote a crypto-friendly agenda. During his tenure as a Chancellor of the Exchequer, Sunak proposed reforms supporting the adoption of cryptocurrencies and stablecoins.

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