UK Lawmakers believe that the nation can be the home to crypto

Crypto industry has garnered mainstream attention globally. However, as the ecosystem grew rapidly in a short span of time, several financial regulators began to eye the industry. However, following more governments pondering regulating the cryptocurrency industry, it seems the United Kingdom has entered the fray. On Wednesday, while speaking to the Member of Parliament’s in the House of Commons, the MP for West Suffolk Hancock underscored the case for the nation’s policies being made around digital currencies and Financial Technology.

UK lawmakers believe crypto can be an economic driver

According to Hancock, the new innovations like crypto and FinTech have the potential to disrupt the financial sector. Moreover, he believes that the innovations could act as an economic driver for the nation post-Brexit. Hancock stressed the significance of getting the new legislation right on them to avoid any stifling new technologies.

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On the policy, Hancock argued whether the Minister ensures at the same time as he develops such policy. Ensuring that the country is also home to innovations like financial technology, and the extraordinary growth of crypto assets.

Notably, Hancock believes that these new technologies will disrupt our traditional finance as social media did with communication, or eCommerce did with retailers.

What does the UK want?

The UK seeks to employ crypto and fintech to not fall behind financially. Moreover, embracing such transparent innovations will aid in the battle against crime and fraud. According to Hancock, the nation has the chance to be the home of cryptocurrency. Such adoption will ultimately help propel their economy and help cut fraud and financial crime because of its transparent nature.

It is also worth noting that Hancock highlighted that the nation has the potential to increase transparency. And the UK can lead in a world-changing technology.

UK tightens its laws against cryptocurrency

It is worth noting that the United Kingdom has been scrutinizing the industry. The financial regulators in the nation have tightened their laws against crypto platforms operating in the region in recent months.

Notably, cryptocurrency exchanges and firms will be compelled to pay 2% digital service tax following a new update to Her Majesty’s Revenue and Customs (HMRC) regulations.