Conservative Party MP Matt Hancock is considering buying Bitcoin (BTC)

Matt Hancock, a member of the Conservative Party in the UK parliament, has said that he is considering investing in Bitcoin. The legislature added that the UK needed to become “dynamic” and adapt to the changes in the financial sector.

 Hancock stated that Britain could embrace this innovation as it has broken free from the restrictive policies in the EU.

Hancock wants to become dynamic in regulations

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“We now don’t have to just take the EU’s restrictive regulatory regime and instead can design our own that is more dynamic,” he added.

During an interview with a local publication, Hancock said that he had yet to invest in Bitcoin (BTC/USD), but he was considering it. He opined that blockchain technology had many use cases, such as smart contracts and payment processing. According to the legislature, digital assets could transform the financial sector.

The Conservative MP also noted that the UK had a “liberal regulatory system”. It could become a hub for cryptocurrencies. by adopting crypto innovations, the UK could assert its position as a leader in the financial innovation sector.

He said,

Crypto is already here and in use. It’s expanding rapidly in the UK and around the world. We don’t have a choice as to whether it is happening. The choice we have is how we shape it best to benefit people.

Crypto regulations in the UK

The UK has not been very open in matters to do with cryptocurrencies. While cryptocurrencies are not banned in the country, there lacks a clear regulatory framework. The UK Financial Conduct Authority (FCA) has banned public advertisements of highly-risky crypto investments.

The FCA has clarified that people who want to invest in cryptocurrencies need adequate financial knowledge and promoting these investments in the public increased the risk of naïve investors falling into losses. Hancock agreed that regulations are needed in the sector. “There does need to be a regulatory approach, for example, to ensure adverts are not misleading, and to ensure the exchanges are sound and don’t rip people off,” he said. If other legislatures adopt cryptocurrencies, it could transform the UK regulatory framework.