Self-regulatory trade association CryptoUK reported that around 5% of all UK MPs have spoken out publicly on crypto and blockchain, suggesting a lack of knowledge.
In a report published on December 14, CryptoUK analyzed MP sentiment between 2022 and 2023, revealing that only 37 lawmakers specifically mentioned crypto and blockchain, or 5.7% of the 650 members. Some of the leading voices in the UK government in 2023, according to CryptoUK, included MP and former economic secretary Andrew Griffith and crypto supporter Lisa Cameron.
“It is important that MPs from all parties and all corners of the UK become more knowledgeable about the crypto-asset sector,” a CryptoUK spokesperson said. “Nearly five million people (…) in the UK are exposed to cryptoassets in some way, while tens of thousands of people work in the industry in the UK, supporting their local economies and helping the UK economy grow.”
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British Prime Minister Rishi Sunak has said he plans to make the country a “global hub for crypto-asset technology” under his government. Lawmakers have already made progress on their plans to establish a regulatory framework for stablecoins and crack down on illicit uses of crypto. Since October, Financial Conduct Authority officials have imposed restrictions on crypto companies promoting projects to UK residents.
The next general election in the United Kingdom is expected to take place before January 2025. It is then unclear whether Sunak’s Conservative government will remain in power.
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