Home news Why UK Government is Calling for Proportionate Crypto Rules

Why UK Government is Calling for Proportionate Crypto Rules

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John Glen who is the U.K.s City Minister, told reporters at the Treasury’s International Fintech conference on Thursday that “proportionate” regulations could give the local cryptocurrency industry a significant boost.

The U.K.s City Minister in his comments said the government is still “engaged in trying to find the right narrative and the right level of regulation if that’s appropriate,” according to Business Insider. 

The Minister further added by saying:

“Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London.”

More to that, the Minister also confirm it that cryptocurrency trading and related activities is “not posing any significant risk to the UK economy.”

See Also: Satoshi’s 2018: Largest Bitcoin-centric conference to-date. Report from Conference

That same day, Chancellor Philip Hammond announced the establishment of a new ” cryptocurrency task force ” including regulators, representatives from the Bank of England and the Treasury. A new legal infrastructure for the U.K. blockchain industry could be on the horizon.

John Glen concluded by saying :

“I think it’s right that we take appropriate — not really cautious, but proportionate — steps to evaluate it before we act as a government.”

Glen stressed the importance of taking measured steps before trying to encourage local innovation with more legal clarity. 

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