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

British Parliament Member Matt Hancock has 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.

British MP Wants ‘Liberal’ Crypto Regulation

Matt Hancock, a Conservative member of parliament and former British health secretary, reiterated the importance of having a “liberal” regulatory framework for cryptocurrency this week.

Interview with UKTN published Friday by the lawmaker. He stated that crypto market declines have not shaken him confidence in the sector. According to him, the news outlet was correct:

The revolution can’t be stopped by another country. Only we can choose whether this revolution happens here or elsewhere.

In his keynote speech Wednesday at Crypto A.M.’s fourth-anniversary conference, 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.”

UKTN was told by he reiterated his opinion that the regulatory frameworks for cryptocurrency should be flexible to permit the industry to flourish.

I hate the patronizing idea of regulators telling people what they can and can’t do with their money.

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

Hancock is a prominent crypto advocate. He said at 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.”

He is not bothered by recent collapses of stablecoin Terrausd (UST) and cryptocurrency Terra (LUNA). Noting that the Terra fiasco serves as an example of the “maturing of the market,” he pointed out that there are stablecoins with less risk. 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.”

Further, the British MP told the publication:

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 has never invested in crypto. He explained that he wants to be able to “talk freely” about crypto without any perceived conflict of interest.

The British government announced plans last month to encourage crypto adoption. Rishi Sunak, British Chancellor, also announced several plans in April to make the U.K. a crypto hub and regulate stablecoins. The Royal Mint will create an NFT token.

Comment on the British MP Matt Hancock’s comment? Please comment below.

Kevin Helms

Kevin, a student of Austrian Economics and a Bitcoin evangelist since 2011, was one of the first to discover Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.