Former UK Health Secretary advocates for crypto adoption

Matt Hancock, the former secretary of State for Health and Social Care and a member of parliament in the UK, is advocating for crypto. Hancock urged the House of Commons to make the UK the home of cryptocurrencies.

Hancock pushes for crypto

Hancock made his remarks about crypto on January 27 at the House of Commons. He noted that the crypto sector had the potential to change the future of the financial sector.

Hancock further emphasized his stand on Twitter, saying, “The UK can be the home of new innovations like FinTech and Cryptocurrency. Dome right, we can increase transparency and lead in new world-changing technology.”

Hancock argued that crypto and fintech could contribute positively to UK’s economy and even reduce financial crime due to improved transparency. The UK government needed to have a progressive policy in place that would not stifle crypto adoption.

“These innovations have the potential to disrupt finance, just as social media has disrupted communication, or online shopping has changed retail,” he added.

However, Hancock’s endorsement of crypto could fail to have a huge impact. Last year, Hancock resigned from his position as the Health Secretary due to an alleged breach of Covid-19 restrictions and an alleged extramarital affair.

Evolving crypto framework in the UK

The crypto regulatory framework in the UK is changing. Several weeks back, several legislatures came together to form the Crypto and Digital Assets Group. The group seeks to bring equality in crypto regulations and support innovations in the sector.

An MP for the Scottish National Party, Lisa Cameron, spoke on the launch of this body saying ”We are at a crucial time for the sector as global policymakers are also now recovering their approach to crypto and how it should be regulated.”

The development of clear crypto regulations has also been advocated for by the former Chancellor of the Exchequer, Phillip Hammond. Hammond said that the UK was lagging behind European countries in regulating the growing cryptocurrency sector.

Hammond also warned that the UK government needed to keep up with crypto regulations in 2022, warning that it would remain “manifestly behind the curve” if it failed to do so. He also added that a lack of clear crypto regulations would lead crypto and blockchain firms to move their headquarters from the UK to other countries.

These firms would move to countries like Germany, Switzerland and France that have made major advancements in regulating the cryptocurrency sector.

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