TL; DR Breakdown
- United Kingdom PM lobbies for the UK to be home to crypto
- Matt Hancock’s scandals
- The country is working on several crypto regulations
The world has continued to react differently towards cryptocurrencies as digital assets penetrate beyond the financial market. While regulation is one thing, the adoption rate of the assets has skyrocketed in the last few years. This is in no small way, thanks to its massive rise over the last few years. With that, an MP of the United Kingdom has urged authorities to make the country a home for digital assets.
Matt Hancock’s scandals
The Member of Parliament in question, Matt Hancock, has once served the country as a former secretary for health and care. He was also previously the MP of West Suffolk, a post he held since 2010. However, his tenure was marred by various controversies on the marital front, causing him to breach certain COVID protocols last year.
This shows that even though he gives advice, the government would not give the faith it used to give to his statement. After a meeting that he attended on January 27, Hancock took to Twitter to talk about crypto and blockchain‘s various positive impacts and effects. He also mentioned that the United Kingdom could adopt blockchain as a transparency measure.
The United Kingdom is working on several crypto regulations
While giving his speech, Hancock also emphasized the United Kingdom’s economic benefits from the assets. He also said that crimes in the sector could be monitored and controlled using the right regulations. He likened the crypto sector to other groundbreaking innovations that have disrupted other economies in the past. Coincidentally, Hancock’s admonishment on the acceptance of crypto is coming just days after several MPs launched the digital assets group after a partnership with the House of Lords.
The new group will begin to look into ways to foster the adoption of crypto through regulation. The group leader, Lisa Cameron, also mentioned at the launch that most countries are still having a look at the best strategy to use in regulating crypto in their respective countries. Hancock also warned the United Kingdom government to act fast or lose major investors in the space.