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No country can stop the crypto revolution, says British MP

Matt Hancock urged for an attractive tax structure on top of a liberal regulatory regime to help the U.K. become the jurisdiction of choice for crypto.

Image by: Wikimedia Commons

Mon, 27 Jun 2022, 12:45 pm UTC

While the head of the Bank of England is known for his anti-crypto sentiments and has recently called cryptos having “no intrinsic value,” a British MP is challenging that stance. British Parliament Member Matt Hancock is calling for “liberal” cryptocurrency regulation adding that no country could stop the crypto revolution.

Conservative member of parliament and former British health secretary Matt Hancock is calling for a “liberal” regulatory framework for crypto, Bitcoin.com reported. “I hate the patronizing idea of regulators telling people what they can and can’t do with their money,” he told UKTN in an interview.

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

In his keynote speech on Wednesday at Crypto A.M.’s fourth-anniversary conference, the lawmaker likewise urged for an attractive tax structure on top of a liberal regulatory regime to help the U.K. become the jurisdiction of choice for crypto. “Britain succeeds when it embraces new technology,” Hancock stressed.

The lawmaker also said that the current market downturn has not shaken his confidence in the digital assets sectors. He believes that the crypto revolution will eventually happen and that it’s U.K.’s choice whether it wants to be part of it.

“No country can stop this revolution,” Hancock told UKTN. “We can only choose whether it happens on our shores or happens to us from elsewhere.”

He is not too concerned about the collapse of the $40 billion Terra ecosystem and even views it as a sign of a maturing market. “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,” he explained.

He compared Terra’s collapse to the dot-com crash. “The underlying technology is so powerful … Just because the dot-com bubble crashed in 2001, we didn’t discredit the internet as a technology,” Hancock said.

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