British MP Matt Hancock noted that no country can stop the crypto revolution and called for “free” cryptocurrency regulation.”
“I hate the patronizing idea of regulators telling people what they can and cannot do with their money,” the congressman stressed.
British MPs want “liberal” crypto regulation
Conservative MP and former UK Health Secretary Matt Hancock reiterated this week the importance of having a “liberal” regulatory framework for cryptocurrencies.
The MP explained in an interview with UKTN published on Friday that the crypto market sell-off will not shake confidence in the sector. He told the news outlet:
No country can stop this revolution. We can only choose whether it happens on our shores or on us from elsewhere.
In his keynote address at Crypto A.M.’s 4th anniversary conference on Wednesday, Hancock called for an “attractive” tax regime and a “liberal” regulatory regime to make the UK “the jurisdiction of choice for crypto.” He stressed that “
reiterating his view that the regulatory framework for crypto must be liberal to allow the emerging industry to flourish, he told UKTN:
I hate the patronizing idea of regulators telling people what they can and cannot do with their money.
“The regulators’ job is to provide quality information and make sure the market works effectively,” the senator stressed. ‘What authority does the state have to tell us what we can and cannot invest in? This is incredibly patronizing.”
Hancock is a vocal crypto advocate. He said at the London Crypto Club in April.” If we get regulation right, crypto can not only accelerate growth, but also make the financial system more transparent and reduce crime. We must understand and harness the potential of new technologies rather than fear and avoid their disruptive power.”
The senator is also unfazed by the recent collapse of the cryptocurrencies Terra (LUNA) and Stable Coin Terraced (UST). He noted that the Terra fiasco serves as an example of “market maturity” and that there are lower-risk stablecoins. Hancock opined that ” The crash of Luna and the pressure on other stablecoins serves as 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 very powerful … …The bursting of the dot-com bubble in 2001 did not undermine the Internet as a technology.
Mr. Hancock himself has not invested in cryptocurrencies. He explained that he wants to be able to “speak freely” about crypto without perceived conflicts of interest.
Last month, the British government announced plans to support the adoption of crypto. UK Finance Minister Rishi Snack also revealed in April that the UK would become a global crypto hub, regulate stablecoins, and that the Royal Mint has several initiatives to create a non-fiat token (NFT).
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