The new leader of the world’s sixth-largest economy is the former chancellor of the exchequer, who is reputed to be wealthier than King Charles. He is also a staunch proponent of cryptocurrency.

Rishi Sunak, has become the new Prime Minister of the United Kingdom. Liz Truss defeated Sunak for the top government position on September 5, but she resigned after only 45 days in office. So far, it appears that his appointment for the position is positive news for the crypto business.

Sunak served as chancellor of the exchequer, or treasury secretary, from early 2020 until July 5, when he resigned after a scandal that rocked Boris Johnson’s cabinet. Sunak was a vocal supporter of cryptocurrency at the time. Sunak stated in April regarding planned regulatory reform linked to stablecoins:

“It’s my ambition to make the U.K. a global hub for crypto-asset technology, and the measures we’ve outlined will help to ensure firms can invest, innovate and scale up in this country. This is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation.”

Sunak has also shown support for central bank digital currency. He directed the Royal Mint in April to create a nonfungible token (NFT) by the end of the year “as a representation of the forward-thinking approach the UK is determined to pursue.”

He also led the creation of the Financial Services and Markets Bill, which is currently being debated in Parliament and aims to establish a regulatory framework for stablecoins and crypto assets.

Sunak has made history for several reasons. At 42, he is the youngest prime minister in modern U.K. history. David Cameron and Tony Blair were 43 when they assumed office. Sunak and his wife have a combined fortune worth 730 million pounds ($824 million), making him the richest British prime minister to take office.