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Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.

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Conservative MP and cryptocurrency advocate Matt Hancock in a keynote speech given at Crypto AM’s the June 22 anniversary called for a crypto-friendly tax and regulatory regime. Despite the sharp downturn in the market, the MP said that the UK should be liberal in its approach to regulating cryptocurrencies.

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He stated that the UK needs to introduce an “attractive” tax system and regulatory regime in order to become “the jurisdiction of choice for cryptocurrencies.” The tax and regulatory regime needs to be dealt with quickly, he said.

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He argued that a stable and attractive tax regime allowed room for growth rather than stifling it. In addition, he stated that a proactive stance was required to achieve this and “that a minority of something is worth more than a large fraction of nothing”.

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The Conservative MP also urged the UK not to walk cryptocurrencies on eggshells. Instead of worrying about failure, “regulate growth, high quality,” he said.

Crypto Matt Hancock

The former health secretary is a longtime supporter of crypto adoption in the UK and continues to be so despite the sharp downturn in the market.

Speaking about the recent cryptocurrency crash, he said:

“The core technology is very powerful. Just because the dot-com bubble collapsed in 2001, we didn’t discredit the Internet as a technology.”

He compared the limited adoption of cryptography to the struggles on the Internet in the 1990s. He stated that cryptocurrencies will need to overcome similar barriers and prejudices.

The MP also called for the adoption of cryptocurrency as a growth factor. Statement “The UK thrives when it uses new technology.” Cryptocurrency can “make financial systems more transparent and reduce crime.”

However, the MP has publicly mentioned that he does not own any crypto assets because he “wants to be able to speak freely about it.”

Similarly, Rishi Sunak, the Chancellor of the Exchequer, laid out a plan in April to transform the UK into a “global center for cryptoassets.” The plan also included the adoption of legislation on the use of stablecoins and the creation of an NFT by the Royal Mint.

Continued Cryptocurrency Restriction in the UK

On the other hand, the FCA has redoubled its efforts to regulate the use of cryptocurrencies in the UK. The regular has repeatedly warned about the risk of investing in cryptocurrencies, especially with the market crashing this year.

However, in May, the FCA held its first CryptoSprint, which many have described as a regulator looking into the crypto ecosystem. A statement released on its website says that CryptoSprint has looked into the challenges facing the crypto world and how the FCA can support and balance innovation with standards that protect consumers.”

In addition, the UK recently changed the proposed KYC rule for users transacting with non-hosted or private wallets.

However, Matt Hancock is just as critical of restrictive regulations as he is of crypto advocates. Mention: “I hate the patronizing idea of ​​regulators telling people what they can and can’t do with their money.”

In this note, he also expressed his opinion on the role of the regulator:

“The job of regulators is to ensure that good information is available and that the market functions effectively. What authority does the state have to tell them what they can and cannot invest in? I think it’s incredibly patronizing.”

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