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British Parliament Member Matt Hancock has called for \u201cliberal\u201d cryptocurrency regulation, noting that no country can stop the crypto revolution. \u201cI hate the patronizing idea of regulators telling people what they can and can\u2019t do with their money,\u201d the lawmaker stressed.<\/strong><\/p>\n Matt Hancock, a Conservative member of parliament and former British health secretary, reiterated the importance of having a \u201cliberal\u201d regulatory framework for cryptocurrency this week.<\/p>\n The lawmaker explained in an interview with UKTN, published Friday, that the crypto market sell-off has not shaken his confidence in the sector. He told the news outlet:<\/p>\n No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from elsewhere.<\/p>\n<\/blockquote>\n In his keynote speech Wednesday at Crypto A.M.\u2019s fourth-anniversary conference, Hancock called for an \u201cattractive\u201d tax system and \u201cliberal\u201d regulatory regime to help the U.K. become \u201cthe jurisdiction of choice for crypto.\u201d He emphasized: \u201cBritain succeeds when it embraces new technology.\u201d<\/p>\n Reiterating his view that regulatory frameworks for crypto should be liberal to allow the nascent industry to thrive, he told UKTN:<\/p>\n I hate the patronizing idea of regulators telling people what they can and can\u2019t do with their money.<\/p>\n<\/blockquote>\n \u201cThe job of the regulators is to make sure there is high-quality information and that the market functions effectively,\u201d the lawmaker stressed. \u201cWhat remit does the state have to tell them what they can and can\u2019t invest in? I think that\u2019s incredibly patronizing.\u201d<\/p>\n Hancock has been a vocal crypto advocate. He said at the London Crypto Club in April: \u201cIf 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.\u201d<\/p>\n The lawmaker is also unfazed by the recent implosion of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Noting that the Terra fiasco serves as an example of the \u201cmaturing of the market,\u201d he pointed out that there are stablecoins with less risk. Hancock opined: \u201cThe 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.\u201d<\/p>\n The British MP further told the publication:<\/p>\n The underlying technology is so powerful \u2026 Just because the dot-com bubble crashed in 2001, we didn\u2019t discredit the internet as a technology.<\/p>\n<\/blockquote>\n Hancock himself has not invested in cryptocurrency. He explained that he wants to be able to \u201ctalk freely\u201d about crypto without any perceived conflict of interest.<\/p>\n Last month, the British government unveiled plans to support crypto adoption<\/a>. British Chancellor of the Exchequer Rishi Sunak also revealed<\/a> several initiatives in April for the U.K. to become a global crypto hub, regulate stablecoins<\/a>, and for the Royal Mint to create a non-fungible token (NFT).<\/p>\nBritish MP Wants \u2018Liberal\u2019 Crypto Regulation<\/h2>\n
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