On June 22, a Conservative MP and cryptanalyst called for a tax and regulatory regime, as well as Crypto A.M.'s 4th anniversary on June 22. The MP said that the UK should be liberal in its approach to regulation of criptocurrencies despite the extreme downturn in the market.
He stated that the UK needs to introduce a attractive tax system and regulatory regime to become a jurisdiction of choice for criptocurrencies. He said that the tax and regulatory regime needed to be dealt with quickly.
He believes that a stable and attractive tax regime gives more space for growth rather than stifling it. He stated that a smaller part of something is worth more than a larger share of nothing. The Conservative MP urged that the UK should not walk around cryptocurrencies on eggshells. He said that rather than be concerned about failure, regulators for growth should be for high-quality.
The former health secretary has been a long-term advocate for adoption of digital currency in the UK despite the extreme market downturn.
He said about the recent crash of criptocurrencies.
He compared the restricted adoption of cryptocurrencies to the struggles of the internet in the 1990s and stated that cryptocurrencies would need to break similar barriers and prejudices.
The MP has advocated for the adoption of criptocurrency as an enabler of growth. When Britain embraces new technology, it can make financial systems more transparent and reduce crime. The MP stated that he does not hold any cripto-asset because he wants to be able to talk freely about it. In April, Rishi Sunak, the chancellor of the exchequer, outlined a plan to make the UK a global criptoasset hub. The plan also included legislation on the use of stable coins and the Royal Mint to create an NFT.
The FCA has doubled down its efforts to regulate the use of criptocurrencies in the UK. The market has declined this year, and the regular has warned against the risk of investing in cryptocurrencies.
The first CryptoSprint was held by the FCA in May, which many termed as the regulator exploring the ecosystem. In a statement released on its website, the FCA stated that the issue facing the world is being looked at in a statement, which stated how the FCA can support and balance innovation with standards that protect consumers. The U.K. recently made a turnaround on its proposed KYC rule for users who are transacting with unhosted or private wallets.
Matt Hancock is as critical of the restricted regulations as he is a cryptanalyst. He also commented on his views on the role of a regulator: I hate the patronising idea of regulators telling people what they can and can't do with their money.''