British politician says UK needs regulatory approach instead of restrictive on crypto
Matt Hancock shared his stance on the adoption of the crypto and blockchain industry and also he admitted that he will consider to invest in Bitcoin.
Crypto trading is legal in the United Kingdom. There are many rules in the UK for crypto traders, like provisions under which a crypto investor can get compensation over the loss of his investment in any crypto project because of a hack or similar incident. However, few government agencies suggested revoking such provisions for the crypto Investors, which are giving the confidence to go with more crypto investments. But overall, if we see the rules and regulations of the UK government on crypto then we will find, the UK has a highly restrictive approach to regulating the crypto industry and also moving toward more restriction by following the EU.
Matt Hancock, the British politician, appeared in an interview with The Express. In the interview, Matt said that Brexit provides the possibility for the UK to adopt the crypto industry under a dynamic approach instead of following the restrictive approach of the EU.
Matt also said that crypto industry adoption may unlock huge numbers of opportunities that can benefit the UK. When Matt was questioned whether he believes that Crypto will play a better role in the Brexit post-economic boost, then Matt openly supported the crypto industry.
“Yes. We now don’t have to just take the EU’s restrictive regulatory regime and instead can design our own that is more dynamic.”
When parliament member was questioned whether he had an investment in Bitcoin, then Matt said no but will do. Further, he continues:
“Cryptocurrencies are an investment for some, and the underlying technology has lots of potentials, for example in helping make payments, and in smart contracts that have transparency built-in.”
Matt believes that the nature of the crypto industry may change the economy into an open market and further it will help to democratize the market easily.
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