British MP Calls for ‘Liberal’ Crypto Regulation — Says ‘No Country Can Stop This Revolution’ – Regulation Bitcoin News

British MP Matt Hancock: No Country Can Stop Crypto Revolution

British Parliament Member Matt Hancock has referred to as for “liberal” cryptocurrency regulation, noting that no nation can cease the crypto revolution. “I hate the patronizing idea of regulators telling people what they can and can’t do with their money,” the lawmaker pressured.

British MP Wants ‘Liberal’ Crypto Regulation

Matt Hancock, a Conservative member of parliament and former British well being secretary, reiterated the significance of getting a “liberal” regulatory framework for cryptocurrency this week.

The lawmaker defined in an interview with UKTN, revealed Friday, that the crypto market sell-off has not shaken his confidence within the sector. He instructed the information outlet:

No nation can cease this revolution. We can solely select whether or not it occurs on our shores or occurs to us from elsewhere.

In his keynote speech Wednesday at Crypto A.M.’s fourth-anniversary convention, Hancock referred to as for an “attractive” tax system and “liberal” regulatory regime to assist the U.Okay. change into “the jurisdiction of choice for crypto.” He emphasised: “Britain succeeds when it embraces new technology.”

Reiterating his view that regulatory frameworks for crypto ought to be liberal to permit the nascent trade to thrive, he instructed UKTN:

I hate the patronizing concept of regulators telling individuals what they will and may’t do with their cash.

“The job of the regulators is to make sure there is high-quality information and that the market functions effectively,” the lawmaker pressured. “What remit does the state have to tell them what they can and can’t invest in? I think that’s incredibly patronizing.”

Hancock has been a vocal crypto advocate. He stated on the London Crypto Club in April: “If we get the regulation right crypto will not only accelerate growth but make financial systems more transparent and reduce crime. We must understand and harness the potential of new technologies, not fear and avoid their disruptive power.”

The lawmaker can be unfazed by the current implosion of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Noting that the Terra fiasco serves for instance of the “maturing of the market,” he identified that there are stablecoins with much less threat. Hancock opined: “The crash of Luna and the pressure on other stablecoins serves as a reminder that cryptocurrencies are still currencies and the age-old rules of finance still apply.”

The British MP additional instructed the publication:

The underlying expertise is so highly effective … Just as a result of the dot-com bubble crashed in 2001, we didn’t discredit the web as a expertise.

Hancock himself has not invested in cryptocurrency. He defined that he desires to have the ability to “talk freely” about crypto with none perceived battle of curiosity.

Last month, the British authorities unveiled plans to assist crypto adoption. British Chancellor of the Exchequer Rishi Sunak additionally revealed a number of initiatives in April for the U.Okay. to change into a world crypto hub, regulate stablecoins, and for the Royal Mint to create a non-fungible token (NFT).

What do you consider the feedback by British MP Matt Hancock? Let us know within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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