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British Parliament Member Matt Hancock called for “liberal” cryptocurrency regulation, noting that no country can stop the crypto revolution. “I hate the patronizing idea of regulators telling people what they can and can’t do with their money,” the lawmaker stressed, according to Bitcoin.com.
Hancock explained in an interview with UKTN published on Friday that the sell-off in the crypto market has not shaken his confidence in the sector. “No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from elsewhere,” he said.
In his keynote speech at the Crypto AM fourth anniversary conference Wednesday, Hancock called for an “attractive” tax system and “liberal” regulatory regime to help the U.K. become “the jurisdiction of choice for crypto.” He emphasized: “Britain succeeds when it embraces new technology.” Hancock added that he hates “the patronizing idea of regulators telling people what they can and can't do with their money.”
In addition, he said regulators should provide “high-quality information and that the market functions effectively” instead of telling people what they can or cannot invest in. “What remit does the state have to tell them what they can and can't invest in? I think that's incredibly patronizing,” said Hancock.
Last month, the British government unveiled plans to support crypto adoption. British Chancellor of the Exchequer Rishi Sunak also revealed several initiatives in April for the U.K. to become a global crypto hub, regulate stablecoins, and for the Royal Mint to create a non-fungible token (NFT).
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.