UK MP Calls For ‘Liberal’ Crypto Regulation – Says ‘No Country Can Stop This Revolution’

British MP Matt Hancock has called for “liberal” regulation of cryptocurrency, noting that no country can stop the crypto revolution. “I hate the condescending idea of ​​regulators telling people what they can and can’t do with their money,” the lawmaker pointed out.

UK MP Wants ‘Liberal’ Crypto Regulation

Matt Hancock, Conservative MP and former UK Health Secretary, this week reiterated the importance of having a “liberal” regulatory framework for cryptocurrency.

The lawmaker explained in an interview with UKTN, published on Friday, that the sell-off in the crypto market has not shaken his confidence in the sector. He told the media:

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No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from elsewhere.

In his keynote Wednesday at Crypto AM’s fourth anniversary conference, Hancock called for an “attractive” tax system and “liberal” regulatory regime to help the UK become “the jurisdiction of choice for crypto.” ”. He pointed out: “Britain succeeds when it embraces new technology.”

Reiterating his view that regulatory frameworks for crypto should be liberal to allow the fledgling industry to thrive, he told UKTN:

I hate the condescending idea of ​​regulators telling people what they can and can’t do with their money.

“The job of regulators is to ensure that there is high quality information and that the market works efficiently,” the lawmaker stressed. “What mandate does the state have to tell them what they can and cannot invest in? I think that’s incredibly condescending.

Hancock has been a vocal advocate for crypto. He told the London Crypto Club in April: “If we get the regulations right, crypto will not only accelerate growth, but make financial systems more transparent and reduce crime. We need to understand and harness the potential of new technologies, not fear and avoid their disruptive power. »

Lawmakers are also unfazed by the recent implosion of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Noting that the Terra fiasco serves as an example of “market maturation,” he pointed out that there are stablecoins with less risk. Hancock said, “The Luna crash and the pressure on other stablecoins is a reminder that cryptocurrencies are still currencies and the age-old rules of finance still apply.”

The British MP further told the publication:

The underlying technology is so powerful… Just because the dot com bubble collapsed in 2001 doesn’t mean we haven’t discredited the internet as a technology.

Hancock himself has not invested in cryptocurrency. He explained that he wanted to be able to “speak freely” about crypto without any perceived conflict of interest.

Last month, the UK government unveiled plans to support crypto adoption. UK Chancellor of the Exchequer Rishi Sunak also revealed several moves in April for the UK to become a global crypto hub, regulate stablecoins, and for the Royal Mint to create a non-fungible token (NFT).

What do you think of British MP Matt Hancock’s comments? Let us know in the comments section below.

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Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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UK MP Calls For ‘Liberal’ Crypto Regulation – Says ‘No Country Can Stop This Revolution’


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