UK Lawmakers' Crypto Understanding Limited, Future Legislation on Uncertain Grounds
Summary:
CryptoUK, a self-regulatory trade association, released a report revealing that only about 5% of Members of Parliament have publicly addressed cryptocurrency and blockchain issues between 2022 and 2023, suggesting a gap in comprehension. UK's Prime Minister Rishi Sunak's plan to transform the UK into a global crypto hub and ongoing regulatory measures for stablecoins were highlighted. The upcoming election may impact these developments while issues like terrorism and the Israel-Gaza conflict risk being linked to crypto negatively.
According to trade organisation CryptoUK, roughly 5% of the United Kingdom's parliamentarians (MPs) have publicly discussed cryptocurrencies and blockchain technology, indicating a potential gap in understanding. On December 14th, CryptoUK released a report analysing the attitudes of MPs during 2022 and 2023 and found only 37 of them specifically mentioned cryptocurrencies and blockchain, which is 5.7% of the total 650 members. CryptoUK highlighted Andrew Grifith, and former Economic secretary Lisa Cameron who are the prominent voices on this matter in 2023.
The trade organisation emphasised the need for the cryptoasset industry to be understood better by all MPs, irrespective of party or geography. As per the spokesperson, almost five million people in the UK have some form of exposure to cryptoassets and tens of thousands are working within this sector, contributing to local and national economic growth.
Prime Minister Rishi Sunak of UK has expressed the intention of making the UK a global hub for cryptoasset technology under his governance. Measures are underway among lawmakers to establish regulations for stablecoins and curb illegal usage of cryptocurrencies. In the past month, the Financial Conduct Authority implemented restrictions on cryptocurrency firms advertising projects to the UK public.
Despite the path set for cryptocurrencies, the political landscape might change after the next UK general election, slated to take place by January 2025, which could potentially affect the continuity of Sunak’s conservative government. Cryptocurrency has also been dragged into contentious issues like terrorism and the Israel-Gaza war frightfully being used to undermine it.
Published At
12/15/2023 12:00:00 AM
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