First Minister Humza Yousaf describes UK as the ‘poor man of northwest Europe’ in independence speech
First Minister Humza Yousaf described the UK is the “poor man of northwest Europe” as he set out his views on industrial policy in an independent Scotland.
In a speech at the University of Glasgow on Monday, he pledged “large scale” investment in competitive industries after independence, but said any economic transition would not take place overnight and he was not promising “rivers of milk and honey”.
Mr Yousaf gave his speech a few hours after Scottish Labour leader Anas Sarwar spoke in Rutherglen about the upcoming general election and urged independence supporters to back his party in 2024.
The first minister said he would strive towards a “deliberative process” in trying to persuade people on the merits of Scottish independence and those who believe otherwise should not be “dismissed”.
The SNP leader referred to a report from the Resolution Foundation looking at income inequality in the UK compared with other countries.
He said that the average household would be £8,300 better off if the UK had the average income inequality of similar countries.
Using the same analysis for Scotland, Mr Yousaf said: “The prize for the typical Scottish household would be even greater, they would be £10,200 better off.
“That then, is the huge prize of independence.”
Mr Yousaf setting out his case for Scottish independence
Mr Yousaf said the UK’s living standards are “abnormally low” and the country is the “poor man of northwest Europe”.
He added: “Far too many people in Scotland [and] right across the UK are losing hope.
“They look at Westminster and they see no one that is offering them a different choice.
“Just more of the same decline, but perhaps managed more competently than the current Tory government.”
Mr Yousaf described the UK as the ‘poor man of northwest Europe’
Taking questions, he said the economic changes in an independent Scotland would not happen overnight.
He said: “I’m not selling independence as being an overnight change, that somehow the day after we become independent there will be rivers of milk and honey and the manna will fall from the sky.
“There will be challenges, of course, there will be difficulties. It will be a transitional process.”
In contrast, he said the UK’s economic problems are “hardwired, it’s systemic”.
He also said “Keir Starmer is going to be the next prime minister of the United Kingdom barring a catastrophe”.
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Earlier in the day, Scottish Labour leader Anas Sarwar said the SNP and Tories will resort to “dirty tricks” to cling to power at Holyrood and Westminster.
Mr Sarwar hailed 2024 as “the year of change” with the general election, which is almost certain to take place before 2025, providing Labour with the “chance to change our country for the better”.
Rutherglen and Hamilton West MP Michael Shanks with Scottish Labour leader Anas Sarwar and Labour leader Sir Keir Starmer
His comments came as he made a direct pitch to independence supporters, saying: “We may ultimately disagree on the final destination for Scotland.
“But on this part of the journey, let us unite to change our country and get rid of this Tory government.”
Mr Sarwar promised a Labour government would “reset devolution and take it back to its founding principles”, telling supporters that the “endless, childish squabbles between both two bad governments must come to an end”.
He also stressed the upcoming general election was “just the first step”, saying that there was also a “chance for change in 2026 with a Scottish Parliament election”.
This, he said, gave Labour the chance to form a “competent government” at Holyrood, as he insisted: “Devolution was never meant to be about two governments fighting with each other and ultimately failing Scots.
“Devolution was always meant to be about Scottish solutions to Scottish problems and two governments working together in the national interest to actually deliver for Scotland.”
South Korean authorities are reportedly looking into blocking crypto exchange platforms that may have operated without adhering to the requirements set by the country’s financial regulator.
On March 21, local media Hankyung reported that the Financial Intelligence Unit (FIU) of the Financial Services Commission is considering sanctions against crypto exchanges for allegedly operating in the country without reporting as an operator to the appropriate regulators.
South Korean financial authorities require crypto exchanges to report to regulators as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act.
The FIU is investigating a list of exchanges and is conducting consultations with related agencies. The regulator is also considering sanctions, such as blocking access to the exchanges, as they begin to prepare countermeasures.
Exchanges operated without VASP reports
The list of exchanges that have allegedly provided services to South Koreans without the appropriate VASP reports includes BitMEX, KuCoin, CoinW, Bitunix and KCEX. The exchanges reportedly provided marketing and customer support to Korean investors without going through the country’s compliance process.
Under the country’s laws, operators of crypto sales, storage, brokerage and management are required to report to the FIU. If exchanges don’t comply, their business will be considered illegal and subject to criminal penalties and administrative sanctions.
An FIU official said in the report that measures to block access to the exchanges included in the list are being reviewed. The official said the financial regulator is currently consulting with the Korea Communications Standards Commission, the regulator in charge of the internet, on how they can block access to the exchanges.
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South Korean exchanges face scrutiny
Apart from foreign exchanges, South Korean crypto exchanges are also facing scrutiny over suspicions and rumors of financial misconduct.
On March 20, prosecutors raided Bithumb following suspicions that its former CEO, Kim Dae-sik, embezzled company funds to purchase an apartment. The authorities suspect that the exchange and its executive may have violated some financial laws during the apartment purchase. However, Bithumb responded that Kim had already taken a loan to repay the funds.
In addition, rumors of intermediaries getting paid to list projects on Bithumb and Upbit surfaced. Citing anonymous sources, Wu Blockchain said projects claimed to have paid intermediaries millions to get listed on the exchanges.
Upbit responded, demanding the media outlet to disclose the list of digital asset projects that paid brokerage fees.
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Australia’s government, under its ruling center-left Labor Party, has proposed a new crypto framework regulating exchanges under existing financial services laws and has promised to tackle debanking.
It comes ahead of a federal election slated to be held on or before May 17, which current polling shows is shaping up to a dead heat between Prime Minister Anthony Albanese’s Labor and the opposing Coalition led by Peter Dutton.
The Treasury Department said in a March 21 statement that crypto exchanges, custody services and some brokerage firms that trade or store crypto will come under the new laws.
The regime imposes similar compliance requirements as other financial services in the country, such as following rules safeguarding customer assets, obtaining an Australian Financial Services Licence and meeting minimum capital requirements.
Australia’s Treasury says its new crypto regulations have four priorities. Source: Australian Department of the Treasury
In August 2022, the government initiated a series of industry consultations to draft a crypto regulatory framework.
“Our legislative reforms will extend existing financial services laws to key digital asset platforms, but not to all of the digital asset ecosystem,” the Treasury said in its statement.
Small-scale and startup platforms that don’t meet specific size thresholds will be exempt, along with firms that develop blockchain-related software or create digital assets that aren’t financial products.
Payment stablecoins will be treated as a type of stored-value facility under the Government’s Payments Licensing Reforms; however, some stablecoins and wrapped tokens will be exempt.
“Dealing or secondary market trading in these products will be not treated as a dealing activity, and platforms where they are traded will not be treated as operating a market simply because of that trading activity,” the Treasury said.
As part of its crypto agenda, Albanese’s government has also promised to work with Australia’s four largest banks to better understand the extent and nature of de-banking.
There will also be a review into a central bank digital currency and an Enhanced Regulatory Sandbox in 2025, allowing businesses to test new financial products without needing a license.
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Albanese’s government intends to release a draft of the legislation for public consultation. However, a change of government could be on the horizon with a looming federal election, a date for which is yet to be called.
Dutton’s center-right Coalition had earlier promised to prioritize crypto regulation if it wins the election.
The latest YouGov poll published on March 20 shows the Coalition and Labor neck in neck for a two-party preferred vote.
The Coalition leads for topline voting intention, while Albanese continues to lead as preferred prime minister. Source: YouGov
Caroline Bowler, the CEO of local crypto exchange BTC Markets, said in a statement shared with Cointelegraph that the areas of reform are sensible and would keep Australia competitive with global peers.
However, she thinks there “will be additional detail required on capital adequacy and custody requirements.”
“We need to ensure that these requirements aren’t overly burdensome for business investment in Australia,” Bowler said.
Kraken Australia’s managing director, Jonathon Miller, said there is an “urgent need for bespoke crypto legislation” to address the existing confusion and uncertainty in the country’s industry.
“We believe that by establishing a clear crypto regulatory framework and mitigating problems like debanking, government can remove the barriers hampering growth in the Australian economy,” he said.
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