Yesterday the UK government’s finance ministry, HM Treasury, announced plans for a non-fungible token (NFT) this summer. The Treasury will work with the Royal Mint, the government-owned company responsible for producing coins in the UK.
The NFT announcement came as part of a broader publication by the Treasury supporting the government’s positioning on digital assets and blockchain technology. The government expressed its intention to make the UK a welcoming country for the crypto sector.
The publication included plans to regulate stablecoins used for payment in the UK and establish a Cryptoasset Engagement Group to allow the government to keep more closely in touch with the industry. The competitiveness of the UK tax system in relation to crypto-assets will also be reviewed, including the tax treatment of decentralized finance (DeFi) loans.
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