Member of UK Parliament Believes The Country Can Become The Cryptocurrency Capital of The World.

With the rapid growth of cryptocurrencies all across the world, and as more countries consider regulating them, the UK has joined the battle.

On January 26, the current Member of Parliament for West Suffolk, Matt Hancock, suggested in the House of Commons that UK policy should be based on emerging developments such as FinTech and cryptocurrency.

According to Hancock, these technology has the ability to disrupt the financial industry and serve as a “economic driver” for the UK post-Brexit, emphasizing the necessity of getting the new regulations on them right to prevent restricting innovation.

On the policy, Hancock stated:

“Will the Minister ensure at the same time as he develops this policy, ensure the UK is also home to innovations like FinTech, and the extraordinary growth of cryptocurrencies. These innovations have the potential to disrupt finance, just as social media has disrupted communication, or online shopping has changed retail.”

Notably, the UK wants to embrace these technologies not just to avoid falling behind economically, but also because the technology is transparent and will assist in the fight against crime and fraud.

Hancock thought that if the government did the right thing, the United Kingdom could boost openness and take the lead in a new world-changing technology.

Finally, it’s worth noting that in recent months, the United Kingdom has tightened its rules against cryptocurrency exchanges trading there. Following a recent modification to the Her Majesty’s Revenue and Customs (HMRC) legislation, cryptocurrency exchanges will be required to pay the 2% digital service tax.

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Patrick

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