British MP Calls ‘Liberal’ Crypto Regulation
British MP Matt Hankok called for “liberal” cryptocurrency regulation, noting that no country can stop the crypto revolution. “I hate the pro-regulatory idea of telling regulators what can and cannot be done with their money,” the legislator stressed.
British MP ‘Liberal’ prefers crypto regulation
Conservative MP and former British Health Secretary Matt Hancock reiterated this week the importance of having a “liberal” regulatory framework for cryptocurrency.
The lawmaker released an interview with UKTN on Friday, explaining that the sale of the crypto market has not shaken his confidence in the industry. He told the news agency:
No country can stop this revolution. We can only choose whether it will happen on our shores or somewhere else.
In his keynote address at the fourth annual conference of the Crypto AM on Wednesday, Hancock called for the transformation of the UK into an “attractive” tax system and “liberal” regulatory regime within the “crypto’s jurisdiction”. He stressed: “Britain succeeds when it adopts new technology.”
He reiterated his view that regulatory frameworks for cryptocurrencies should be liberal, allowing UKTN to allow new businesses to thrive:
I hate the pro-idea that regulators tell people what they can and cannot do with their money.
“It is the job of the regulators to ensure that high-quality information is available and that the market operates effectively,” he said. “What should the state pay to tell them what they can and cannot invest? I think this is incredibly supportive.
Hancock has been a voice crypto lawyer. He told the London Crypto Club in April: “Proper regulation will not only accelerate crypto growth but also make financial systems more transparent and reduce crime. We must understand and use the potential of new technologies and avoid their destructive power without fear.
Even the legislature is not bothered by the recent explosions of the cryptocurrency Terra (Luna) and Staplecoin Terror (USD). Noting that Terra Fiasco is an example of “market maturity”, he pointed out the existence of low-risk stable coins. Hancock commented: “Luna’s crash and pressure on other stable coins are a reminder that cryptocurrencies are still currencies and that the old financial rules still apply.”
The British Member of Parliament further stated,
Basic technology is so powerful … Since the dot-com bubble crashed in 2001, we have not devalued the Internet as a technology.
Hancock does not invest in cryptocurrency. He explained that he wanted to “speak freely” without any conflict of opinion about crypto.
Last month, the British government released plans to Support crypto adoption. British Treasury Secretary Rishi Sunak Revealed Several attempts in April to make the UK a global crypto hub, which Regulates staplecoinsAnd Royal Mint to create a Fungal Token (NFT).