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Former British cabinet minister reiterates his support for UK crypto hub

Former British cabinet minister reiterates his support for UK crypto hub

Matt Hancock, the former health secretary, is continuing to voice his support from the back benches of parliament. He wants the British people to be able to decide for themselves whether to invest in cryptocurrencies rather than have the regulatory authorities take that choice away from them.

Since resigning as health secretary Matt Hancock said that he now has the time to promote causes that he really cares about. One of these causes is to bring cryptocurrencies into the embrace of the average British investor.

Last month Rishi Sunak, Chancellor of the Exchequer of the UK government, announced his country’s intention to become a global cryptoasset technology hub. Sunak said:

“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”

Hancock has personally backed this ambition and sees himself as a champion for this cause, and yesterday, he gave a speech to the London Crypto Club, in which he stated that “the mass market is a force for good.” He also said:

“If we get the regulation right, crypto will not only accelerate growth but make financial systems more transparent and reduce crime.”

Hitherto, Hancock may not really have been seen as a man of the people, especially during his stint as health secretary. However, some of his comments will very much strike a chord with the average investor, who is constantly impeded by regulators that are generally extremely anti-crypto.

The UK regulator, the FCA, has gone as far as to warn potential crypto investors that they stand to lose all their money, stating that crypto is a “high risk, speculative investment”. 

Hancock believes that the FCA is doing its job by warning investors of the risks. Nevertheless, he defends the right of the British investor to put their money into high-risk investment products such as crypto if they should wish, without “patronising” regulatory authorities imposing restrictions.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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