UK Government Minister Calls for ‘ProportionateCrypto Rules

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The U.K.’s City Minister, John Glen, told reporters at the Treasury’s International Fintech conference on Thursday thatproportionateregulations could give the local cryptocurrency industry a significant boost.

In his comments, Glen said the government is stillengaged in trying to find the right narrative and the right level of regulation if that’s appropriate,” according to Business Insider.

The minister continued, saying:

Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London.

veral, the minister acknowledged that the current level of cryptocurrency trading and related activities isnot posing any significant risk to the UK economy.

That same day, Chancellor Philip Hammond announced the establishment of a newcryptocurrency task forceincluding regulators, representatives from the Bank of England and the Treasury. A new legal infrastructure for the U.K. blockchain industry could be on the horizon.

Earlier this month the U.K. cryptocurrency exchange CoinfloorEX announced it will start offering bitcoin futures contracts in April. Although London is teeming with blockchain projects and startups, so far the most popular exchanges operate out of the United States or Asia.

Glen stressed the importance of taking measured steps before trying to encourage local innovation with more legal clarity, saying:

I think it’s right that we take appropriatenot really cautious, but proportionatesteps to evaluate it before we act as a government.

London image via Shutter

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https://www.coindesk.com/uk-city-minister-calls-for-proportionate-crypto-rules/

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