British MP calls for ‘liberal’ crypto regulation – says ‘No country can stop this revolution’ – Bitcoin News Regulation

British MP calls for ‘liberal’ crypto regulation – says ‘No country can stop this revolution’ – Bitcoin News Regulation

British MP Matt Hancock called for “liberal” regulation of cryptocurrencies, emphasizing that no country can stop the crypto revolution. “I hate the patronizing idea that regulators tell people what they can and cannot do with their money,” the MP emphasized.

The British MP wants ‘liberal’ crypto regulation

Matt Hancock, a conservative member of parliament and former British health minister, reiterated the importance of having a “liberal” regulatory framework for cryptocurrencies this week.

In an interview with UKTN, published on Friday, the legislator explained that the sale of the crypto market did not shake his confidence in the sector. He told the newsroom:

No country can stop this revolution. We can only choose whether it will happen on our shores or it will happen to us somewhere else.

In his keynote address Wednesday at a conference marking the fourth anniversary of Crypto AM, Hancock called for an “attractive” tax system and a “liberal” regulatory regime to help the UK become a “choice jurisdiction for cryptocurrencies.” He emphasized: “Britain succeeds when it adopts new technology.”

Reiterating his view that the regulatory framework for cryptocurrencies should be liberal to allow the emerging industry to thrive, he told UKTN:

I hate the patronizing 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 quality information and that the market functions efficiently,” the MP emphasized. “What authority does the state have to tell them what they can and cannot invest in?” I think it’s incredibly patronizing. “

Hancock was a vocal proponent of cryptocurrencies. He said at the London Crypto Club in April: “If we get the right regulations, crypto will not only accelerate growth, but will make financial systems more transparent and reduce crime.” We must understand and harness the potential of new technologies, not fear and avoid their destructive power. ”

The legislator is also not concerned about the recent implosion of the 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 stable coins with less risk. Hancock believed: “The collapse of the Moon and the pressure on other stable coins serve as a reminder that cryptocurrencies are still currencies and that the age-old rules of finance apply.”

The British MP further said for the publication:

The basic technology is so powerful … Just because the dot-com bubble crashed in 2001, we didn’t discredit the internet as a technology.

Hancock himself did not invest in cryptocurrencies. He explained that he wants to be able to “talk freely” about cryptocurrency without any perceived conflict of interest.

Last month, the British government unveiled plans for support the adoption of cryptocurrencies. British Chancellor Rishi Sunak as well discovered several initiatives in April to make the UK a global crypto center, regulate stable coinsand for the Royal Mint to create a fixed token (NFT).

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

British MP calls for ‘liberal’ crypto regulation – says ‘No country can stop this revolution’ – Bitcoin News Regulation

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects and the crossroads between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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