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'Liberal' Crypto Regulation Is What a British MP Wants

27-Jun-2022 By: Sudeep Saxena
'Liberal' Crypto Reg

'Liberal' Crypto Regulation Is What a British MP Wants

Matt Hancock , a member of the British Parliament, has urged for "liberal" regulation of cryptocurrencies and noted that no nation can halt the crypto revolution. "I hate the patronizing idea of the government telling people what they can and cannot do with their money," he said.

Hancock urged for an "attractive" tax structure and "liberal" legal regime to enable the U.K. to become "the jurisdiction of choice for crypto" in his keynote address on Wednesday at Crypto A.M.'s fourth anniversary conference. He highlighted that when Britain adopts new technologies, it succeeds.

The authorities' duty, he said, is to make sure there is high-quality information and that the market operates well." "Under what authority can the government tell investors what they may and cannot invest in? That, in my opinion, is extremely patronising.

He stated, "If we get the regulation right, crypto can not only drive growth but also make financial systems more transparent and reduce crime," addressing the London Crypto Club in April. Instead of being afraid of or avoiding new technology, we must know them and use their potential.

He is also unconcerned about the recent devaluation of the cryptocurrency terra (LUNA) and the stablecoin terrausd (UST). The Luna meltdown and the pressure on other stablecoins, in Hancock's opinion, "act as a reminder that cryptocurrencies are still currencies and the age-old principles of finance still apply."

The British government outlined measures to encourage the adoption of cryptocurrencies last month. Rishi Sunak, the British Chancellor of the Exchequer, has announced various measures in April to make the U.K. a hub for the global cryptocurrency industry, to control stablecoins, and to have the Royal Mint produce a non-fungible token (NFT) .

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