Philip Hammond, who served as British Prime Minister from 2016 to 2019, has taken on a new role as chairman of cryptocurrency exchange Copper. FT report.
The former UK Prime Minister has been an advisor and stakeholder to Copper since 2021. However, Hammond confirmed: FT on January 26 that he was appointed as the new president of copper;
As chairman, Hammond said he would work to raise more money for the exchange at a $2 billion valuation. He revealed that the funding will come from strategic investors including Barclays.
Hammond added that he will oversee the recruitment of more people with compliance and regulatory experience from the traditional financial sector to help develop strong governance for the Copper exchange.
The former UK Prime Minister has expressed concern that the FCA’s slow approval of license applications is causing the exchange to lose customers.
Hammond warned that the UK needs to act more quickly to create effective regulatory guidelines for the cryptocurrency industry.
Hammond said it could move its headquarters from Switzerland to London if the necessary approvals are obtained.
“We are very much looking forward to returning to London,” said Hammond. “Post-Brexit, the UK needs a strong financial services sector.
The former UK Prime Minister added that a regulatory framework needs to be developed to ensure that the UK is the preferred trading partner for cryptocurrencies.
