Robert Steinadler, a year ago

UK about to mint an NFT - Will our neighbors become the bigger crypto hub?

The EU seems to take a more restrictive course of action given the results of the latest vote of the parliament on how to regulate cryptocurrencies in the future. In the UK on the other hand things are moving forward and a plan was set into motion just yesterday.

What is her Majesty’s treasury planning? And when will we see the first (very) British non-fungible token?

First NFT will be minted this summer

According to the latest press release the Royal Mint will honor its name and will mint an NFT after being ordered by finance minister Rishi Sunak. However, we all have to wait until this summer to see what the finance minister has on his mind regarding the design and purpose of the collectible. It is also unclear what will happen to the NFT and if it’s going to be for sale or to be auctioned.

Even more important the United Kingdom has made it clear that it aims to become a leading crypto hub right in the vicinity of Europe. One of the biggest hubs is situated in Zug, Switzerland and another one in Berlin is also considered to be a hotspot for fintech startups. If we believe in the statements made by the finance minister, then London might be the next big thing around the corner when it comes down to crypto and blockchain technology.

Specifically, the UK is looking forward to raising the status of stablecoins and acknowledging them as means of payment. This will eventually lead to the competition of stablecoins and CBDC since both technologies can serve consumers, companies, and banks alike. There are also plans to recognize DAOs as legal entities along with Web3 technologies and regulating exchanges and brokers.

Which blockchain will win the race?

The most important question is: Which blockchain will become her Majesty’s choice? There are options to mint NFTs on Ethereum, Solana, Avalanche, Fantom, and even Cardano. And these are just a few names out of many available solutions.

If the Royal Mint should choose a public blockchain over a private solution the market might enter a frenzy over UK’s first governmental NFT. Of course, at this point, everything remains highly speculative since no details are available on the NFT at the time of writing. Worst case scenario is that the big mint will be a non-event.

Still, with the UK showing a willingness to open up for innovation the recent announcement is an overall positive signal. It remains to be seen if finance minister Sunak will succeed in building a crypto hub or if the regulatory approach will miss out on opportunities. Over the last 12 months, the FCA has repeatedly filled warnings against several businesses related to trading activities. Others have received an extended deadline to register their activities with the FCA.

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