The previous Secretary of State for Well being and Social Care and present U.Ok. Member of Parliament (MP) Matt Hancock urged the Home of Commons to make England the “house” of crypto.
Hancock has served as an MP for West Suffolk since 2010 however stood down from his position because the Well being Secretary in mid-2021 following controversy surrounding COVID breaches tied to an alleged extramarital affair. Which is to say his endorsement, whereas welcomed by the trade, could not maintain as a lot cachet because it as soon as did.
Following up from his speech on the Home of Commons on Jan. 27, Hancock emphasised the disruptive potential of crypto and fintech on Twitter, noting that:
“The UK may be the house of latest improvements like FinTech and Cryptocurrency. Finished proper we are able to improve transparency and lead in new world-changing expertise.”
Throughout his speech, he pointed to the advantages of crypto and fintech adoption when it comes to financial stimulation and even monetary crime discount as he urged the federal government to “guarantee” it develops progressive coverage in these areas.
“[Fintech and Crypto] cannot solely be an financial driver, but additionally assist reduce fraud and monetary crime due to the transparency that it brings,” he mentioned, including that “these improvements have the potential to disrupt finance, simply as social media has disrupted communication, or on-line purchasing has modified retail.”
The UK may be the house of latest improvements like FinTech and Cryptocurrency.
Finished proper we are able to improve transparency and lead in new world-changing expertise.
My query within the Commons earlier ⬇️ pic.twitter.com/Hsr8QtLxqB
— Matt Hancock (@MattHancock) January 26, 2022
Hancock’s feedback come simply a few weeks after a number of MPs and members of the Home of Lords banded collectively to launch the Crypto and Digital Belongings Group, which goals to make sure forthcoming regulation of the sector helps innovation versus stifling it.
The group is chaired by Scottish Nationwide Social gathering MP Lisa Cameron, who famous across the time of the group’s launch that, “We’re at an important time for the sector as world policymakers are additionally now reviewing their strategy to crypto and the way it must be regulated.”
“We’re at an important time for the sector as world policymakers are additionally now reviewing their strategy to crypto and the way it must be regulated.”
Earlier this week, former Chancellor of the Exchequer Philip Hammond stated that it was “frankly fairly stunning” that the U.Ok. had fallen behind the European Union in offering clear regulation over the crypto sector.
UK Financial Affairs Committee unconvinced by prospect of retail CBDC
Hammond warned that if the federal government fails to catch up in 2022 and find yourself “manifestly behind the curve” subsequent yr, high U.Ok. primarily based crypto and blockchain tech corporations will look to shift headquarters over to nations with friendlier stances on crypto reminiscent of Germany and Switzerland, together with Monaco in France.