Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Conservative MP and crypto advocate Matt Hancock at the 4th keynote at Crypto AMth The anniversary of June 22 demanded a cryptocurrency-friendly tax and regulatory system. Despite the extreme market downturn, MP argued that the UK should be liberal in its approach to cryptographic regulation.
He said the UK needed to introduce “attractive” tax and regulatory systems in order to become “the jurisdiction over the choice of cryptocurrencies.” He said the tax and regulatory systems need to be dealt with promptly.
He argued that a stable and attractive tax system would not suppress it, but would give it room for growth. He said that achieving this requires a positive attitude, “a small part of something is more valuable than a big share of nothing.”
Conservative MPs also urged Britain not to roam the cryptocurrency of eggshells. Instead of worrying about failure, he said, “regulate for growth, for high quality.”
Cryptomatte Hancock
The former Minister of Health has long supported the adoption of cryptocurrencies in the UK and continues despite the extreme market downturn.
Regarding the recent cryptocurrency crash, he said:
“The underlying technology is very powerful. The collapse of the dot-com bubble in 2001 did not damage the credibility of the Internet as a technology.”
He compared the limited adoption of cryptography with the Internet struggle of the 1990s. He said cryptography needs to break similar barriers and prejudices.
MP also considered adopting crypto as a growth enabler. “The UK will succeed if it adopts new technologies,” he said. Cryptocurrencies can “make the financial system more transparent and reduce crime.”
But a member of parliament publicly stated that he doesn’t have crypto assets because “he wants to be free to talk about it.”
Similarly, in April, Finance Minister Rishi Sunak outlined plans to make the UK a “global crypto asset hub.” The plan also included the use of Stablecoin and the law for Royal Mint to create NFTs.
Continued cryptographic restrictions in the UK
Meanwhile, the FCA has doubled its efforts to regulate the use of cryptography in the United Kingdom. Regulars have repeatedly warned against the risks of crypto investment, especially as the market fell this year.
However, the FCA held its first CryptoSprint in May, and many were called regulators investigating the crypto ecosystem. In a statement released on the website, CryptoSprint said it investigated the challenges facing the crypto world and how FCA supports and balances standards and innovations that protect consumers. “
The UK has also recently turned around the proposed KYC rules for users who trade using unhosted or private wallets.
But Matt Hancock, as well as a defender of cryptocurrencies, is as critical of restricted regulation. “I hate the patronage of regulators telling people what they can and cannot do with their money,” he said.
In that memo, he also gave his opinion on the role of regulatory agencies:
“The job of the regulatory agency is to ensure that there is quality information and that the market is functioning effectively. Which state must tell them what they can and cannot invest? Is it such a remittance? I think it’s incredibly patronized. “
