2 years ago
British Parliament Member Matt Hancock has called for “liberal” cryptocurrency regulation, noting that nary state tin halt the crypto revolution. “I hatred the patronizing thought of regulators telling radical what they tin and can’t bash with their money,” the lawmaker stressed.
British MP Wants ‘Liberal’ Crypto Regulation
Matt Hancock, a Conservative subordinate of parliament and erstwhile British wellness secretary, reiterated the value of having a “liberal” regulatory model for cryptocurrency this week.
The lawmaker explained successful an interrogation with UKTN, published Friday, that the crypto marketplace sell-off has not shaken his assurance successful the sector. He told the quality outlet:
No state tin halt this revolution. We tin lone take whether it happens connected our shores oregon happens to america from elsewhere.
In his keynote code Wednesday astatine Crypto A.M.’s fourth-anniversary conference, Hancock called for an “attractive” taxation strategy and “liberal” regulatory authorities to assistance the U.K. go “the jurisdiction of prime for crypto.” He emphasized: “Britain succeeds erstwhile it embraces caller technology.”
Reiterating his presumption that regulatory frameworks for crypto should beryllium wide to let the nascent manufacture to thrive, helium told UKTN:
I hatred the patronizing thought of regulators telling radical what they tin and can’t bash with their money.
“The occupation of the regulators is to marque definite determination is high-quality accusation and that the marketplace functions effectively,” the lawmaker stressed. “What remit does the authorities person to archer them what they tin and can’t put in? I deliberation that’s incredibly patronizing.”
Hancock has been a vocal crypto advocate. He said astatine the London Crypto Club successful April: “If we get the regularisation close crypto volition not lone accelerate maturation but marque fiscal systems much transparent and trim crime. We indispensable recognize and harness the imaginable of caller technologies, not fearfulness and debar their disruptive power.”
The lawmaker is besides unfazed by the caller implosion of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Noting that the Terra fiasco serves arsenic an illustration of the “maturing of the market,” helium pointed retired that determination are stablecoins with little risk. Hancock opined: “The clang of Luna and the unit connected different stablecoins serves arsenic a reminder that cryptocurrencies are inactive currencies and the age-old rules of concern inactive apply.”
The British MP further told the publication:
The underlying exertion is truthful almighty … Just due to the fact that the dot-com bubble crashed successful 2001, we didn’t discredit the net arsenic a technology.
Hancock himself has not invested successful cryptocurrency. He explained that helium wants to beryllium capable to “talk freely” astir crypto without immoderate perceived struggle of interest.
Last month, the British authorities unveiled plans to support crypto adoption. British Chancellor of the Exchequer Rishi Sunak besides revealed respective initiatives successful April for the U.K. to go a planetary crypto hub, regulate stablecoins, and for the Royal Mint to make a non-fungible token (NFT).
What bash you deliberation astir the comments by British MP Matt Hancock? Let america cognize successful the comments conception below.
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