Former Health Minister Matt Hancock said his “mission” was to support the development of crypto and cryptocurrencies in the UK.
In one interview s City AM The former cabinet minister reaffirmed his position as a supporter of the cryptocurrency industry, saying his goal was to get the UK to “embrace” blockchain technology.
“My mission, if you will, is to make the United Kingdom love crypto,” said the Conservative MP.
Hancock’s comments came after UK Chancellor Rishi Sunak said his goal was to turn the UK into a global hub for digital assets.
Despite the support crypto is receiving from UK political figures, the country’s financial regulators are less inclined to step up Britain’s embrace of technology.
Last month, Chief Financial Officer Nikhil Rati warned of the risk that cryptocurrencies pose to both regulators and consumers, saying “if you invest in cryptocurrency, you must be prepared to lose all your money.”
The financial supervisor has also stepped up its efforts to regulate cryptocurrency companies operating in the UK. He recently set an expiration date that forced unregistered crypto companies to leave the UK market.
However, Hancock believes that while regulation is important, it should not interfere with the UK crypto industry.
“If we can love crypto, we can embrace it. “We can have a good strong regulatory system – a liberal regulatory system – which nevertheless has rules that are appropriate for the modern use of technology,” Hancock said.
Hancock also doesn’t seem worried about Rati’s warning about losing cryptocurrency money. Hancock said: “It is right to say that you can lose everything, but you may not, right?
Despite Hancock’s bullish approach, he said he did not personally invest in cryptocurrencies.
The Conservative MP has become a staunch defender of the UK crypto market after leaving the cabinet after violating government security restrictions Covid-19.