Disgraced MP tells Parliament UK can be the ‘home’ of crypto

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The previous Secretary of State for Well being and Social Care and present U.Okay. Member of Parliament (MP) Matt Hancock urged the Home of Commons to make England the “house” of crypto.

Hancock has served as an MP for West Suffolk since 2010 however stood down from his position because the Well being Secretary in mid-2021 following controversy surrounding COVID breaches tied to an alleged extramarital affair. Which is to say his endorsement, whereas welcomed by the trade, could not maintain as a lot cachet because it as soon as did.

Following up from his speech on the Home of Commons on Jan. 27, Hancock emphasised the disruptive potential of crypto and fintech on Twitter, noting that:

“The UK might be the house of latest improvements like FinTech and Cryptocurrency. Carried out proper we are able to enhance transparency and lead in new world-changing know-how.”

Throughout his speech, he pointed to the advantages of crypto and fintech adoption by way of financial stimulation and even monetary crime discount as he urged the federal government to “guarantee” it develops progressive coverage in these areas.

“[Fintech and Crypto] cannot solely be an financial driver, but in addition assist lower fraud and monetary crime due to the transparency that it brings,” he mentioned, including that “these improvements have the potential to disrupt finance, simply as social media has disrupted communication, or on-line procuring has modified retail.”

Hancock’s feedback come simply a few weeks after a number of MPs and members of the Home of Lords banded collectively to launch the Crypto and Digital Assets Group, which goals to make sure forthcoming regulation of the sector helps innovation as opposed to stifling it.

The group is chaired by Scottish Nationwide Occasion MP Lisa Cameron, who famous across the time of the group’s launch that, “We’re at a vital time for the sector as world policymakers are additionally now reviewing their method to crypto and the way it ought to be regulated.”

“We’re at a vital time for the sector as world policymakers are additionally now reviewing their method to crypto and the way it ought to be regulated.”

Earlier this week, former Chancellor of the Exchequer Philip Hammond stated that it was “frankly fairly stunning” that the U.Okay. had fallen behind the European Union in offering clear regulation over the crypto sector.

Associated: UK Economic Affairs Committee unconvinced by prospect of retail CBDC

Hammond warned that if the federal government fails to catch up in 2022 and find yourself “manifestly behind the curve” subsequent 12 months, high U.Okay. primarily based crypto and blockchain tech companies will look to shift headquarters over to nations with friendlier stances on crypto comparable to Germany and Switzerland, together with Monaco in France.