Top “UK Crypto Hub” proponent Rishi Sunak to become prime minister

Rishi Sunak, who previously spearheaded the UK’s crypto hub ambitions as finance minister, has been elected by the Conservative Party on Monday following Liz Truss’ resignation last week.

By Zoltan Vardai2022-10-24 3:41 PM UTC

LONDON, ENGLAND – OCTOBER 24: New Conservative Party leader and incoming prime minister Rishi Sunak (C) waves as he is greeted by colleagues at the Conservative Party Headquarters after having been announced as the winner of the Conservative Party leadership contest on October 24, 2022 in London, England. Rishi Sunak was appointed as Conservative leader and the UK's next Prime Minister after he was the only candidate to garner 100-plus votes from Conservative MPs in the contest for the top job. (Photo by Dan Kitwood/Getty Images)

Rishi Sunak, who previously spearheaded the UK’s crypto hub ambitions as the country’s finance minister, or Chancellor of the Exchequer, won the race to lead the Conservative Party on Monday following Liz Truss’ resignation from her position last week after 45 days in office.

Fast facts

“The United Kingdom is a great country but we face a profound economic crisis. That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country,” Sunak tweeted after securing the position following rival Penny Mordaunt’s withdrawal from the race.
The former Chancellor of the Exchequer will be challenged by the UK’s turbulent economy, which the Bank of England says is currently in recession.

In April, Sunak shared his ambitions to transform the UK into a global crypto hub.

In July, Sunak helped introduce the Financial Services and Markets Bill, which seeks to regulate stablecoins as payment methods and give the Bank of England oversight over digital asset service providers.