Britain’s City minister John Glen noted that cryptocurrencies don’t pose a risk to the UK economy and any regulation of the sector will be “proportionate”. Moreover, it should help to boost a local cryptocurrency industry.
“Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London,” he said.
Speaking at the Treasury’s International Fintech conference, John Glen MP told journalists: “We are seeing great excitement, some wariness, and also I think some misunderstandings. We remain agnostic and are engaged in trying to find the right narrative and the right level of regulation if that’s appropriate.”
Only over the last year the global market grown up and now is worth over $300 billion. Start ups rapidly rais billions.
“The issue is, how do we regulate or not, how do we enable or not, based on the blend of opportunities and risks that may exist in this new technology,” Glen said.
The same day UK Chancellor Philip Hammond announce a new task force for cryptocurrencies, including regulators, representatives of the Bank of England and the Treasury. A new legal infrastructure for the U.K. blockchain industry could be a new vehicle for country’s cryptocurrencies changes.