The U.K. government has officially appointed Rishi Sunak as the country’s new Prime Minister following Liz Truss’ controversial exit from office last week.
During his time as finance minister under former Prime Minister Boris Johnson, Rishi Sunak announced he wanted to turn the U.K. into a crypto hub. He helped usher in the Financial Services and Markets Bill, which, if passed into law, could give local regulators broad power over the crypto industry.
While Truss’ government had expressed its commitment to Rishi Sunak’s crypto plans, her exit threatened to shake things up once again—and it did so immediately after she resigned last week when her economic stimulus plan unraveled leading to political and economic instability throughout Britain.
The local crypto industry stood to welcome Sunak’s appointment as leader of the government but there were concerns that his departure from office could cause them problems once again with regards to regulation in Britain.