Former Minister: “Britain Shouldn’t Be Back in Crypto”

While the UK continues its cautious approach to cryptocurrencies, it is trying to take steps to become a crypto money center. In this context, the current prime minister of the country, Rishi Sunak, announced that he had plans to bring stable coins to the country’s payment systems and aimed to turn the UK into a cryptocurrency center.

Speaking to the Financial Times about the UK’s crypto ambitions, Philip Hammond, the former UK Finance Minister, said the country is lagging behind some rival EU countries in establishing itself as a crypto hub. Stating that the UK should not let it lag behind other countries on crypto, Hammond emphasized that the country should establish a more effective regulatory regime for digital assets and act faster on this issue.

“The UK is supposed to be a leader in the post-Brexit crypto space. But it has allowed itself to lag behind some rival EU countries. Switzerland is further along. The EU is also moving faster. There must be an appetite to take measured risk. How to choose to trade in new asset classes We need to find where we are going to become. In this context, there is a need for better, more effective regulation of the crypto industry.”

Philip Hammond is currently the chairman of Copper, a digital asset technology company that enables institutional investors to buy, trade and store cryptocurrencies. Hammond also recalled that Copper has withdrawn its license application to the UK Financial Conduct Authority FCA.

“Copper withdrew its FCA application last year and returned to Switzerland. FCA has been slow to move on that. But I hope Copper will return to the UK in the future.”