A recent report by CryptoUK, the self-regulatory trade association for the cryptocurrency industry in the United Kingdom, has highlighted a concerning lack of knowledge about cryptocurrencies and blockchain technology among members of Parliament (MPs).
The report, released on December 14, 2023, analyzed the sentiments and mentions of crypto and blockchain by MPs from 2022 to 2023, revealing that only 5.7% of the 650 MPs had publicly spoken on the subject.
Low engagement from UK MPs
CryptoUK’s report paints a picture of limited engagement with the cryptocurrency and blockchain sector within the UK Parliament. Out of the 650 MPs, only 37 lawmakers were found to have specifically mentioned crypto and blockchain during the timeframe under scrutiny. This lack of attention to a rapidly growing industry is a matter of concern for industry advocates.
Despite the overall low engagement, some notable voices within the UK government have shown support and interest in the crypto space. Among them are MP Andrew Griffith, a former Economic Secretary, and Lisa Cameron, a well-known crypto proponent.
Their involvement demonstrates a potential shift in understanding and recognition of the importance of the cryptoasset industry.
CryptoUK’s call for increased understanding
In response to the report’s findings, CryptoUK has called for greater awareness and education regarding the cryptoasset industry among MPs. A spokesperson for CryptoUK emphasized the significance of MPs from all political parties and regions gaining a better understanding of the crypto industry.
They highlighted the fact that nearly five million people in the UK have some form of exposure to cryptoassets, and tens of thousands work in the sector, supporting local economies and contributing to the growth of the British economy.
UK Prime Minister Rishi Sunak has set ambitious goals for the country in the crypto space. He has expressed a vision to establish the UK as a “global hub for crypto-asset technology” under his government. Sunak’s plans suggest a willingness to embrace blockchain technology and cryptocurrencies as a means of fostering innovation and economic growth.
Regulatory frameworks and crackdowns on illicit activities
While the UK government under Prime Minister Sunak aims to become a crypto hub, it is also taking steps to establish a regulatory framework for cryptocurrencies and stablecoins.
Additionally, officials from the Financial Conduct Authority (FCA) have been imposing restrictions on crypto firms promoting projects to UK residents. These measures reflect a commitment to balance the benefits of the crypto industry with the need for regulation and consumer protection.
As the crypto industry continues to evolve in the UK, political dynamics remain uncertain. The next general election in the UK is expected to take place before January 2025.
The outcome of this election will determine the trajectory of the government’s approach to cryptocurrencies and blockchain technology. It remains to be seen whether Prime Minister Rishi Sunak’s Conservative government will retain power and continue its crypto-friendly agenda.