There has been a lot of discussion in the UK in recent weeks about the potential economic benefits of Brexit.
However, there is one area of the economy that has not received much attention so far: the cryptocurrency market. British politician Matt Hancock told The Express that Brexit gives the UK a chance to create a “dynamic” regulatory framework for cryptocurrencies rather than being forced to adopt the “restrictive” structure of the EU.
The Member of Parliament also believes that technology can open up new opportunities for the UK. When Hancock was openly asked whether post-Brexit crypto would play a role in the country’s economy, he replied in the affirmative:
“Yeah. We no longer have to implement the restrictive regulatory regime of the EU and can instead design our own system that is more dynamic.”
When asked if he has invested in Bitcoin himself, Hancock said, “I haven’t yet, but I might consider it.”
“Clearly cryptocurrencies are an investment for some, and the underlying technology has enormous potential, such as assisting payments and smart contracts with built-in transparency.”
The Regulation Crypto Market Needs
Some supporters claim that cryptocurrencies can help democratize the economy by establishing an open market. In addition, they think that technological developments will remove many bureaucratic barriers to trade and enable economies to work more efficiently.
On the other hand, critics consider these assets dangerous investments, as cryptocurrency creates an effectively unregulated market and assets like Bitcoin are volatile.
On the subject, Hancock added that the UK should take a “regulatory approach” to adoption:
“A regulatory regime should be liberal so that people can buy and sell cryptoassets freely, but there should also be basic assurance that markets are fair.”