British politician believes the UK should catch up with Crypto to become a global crypto leader

Well-known British politician Philip Hammond urged the UK government to consider giving a chance to the crypto industry.
Well-known British politician Philip Hammond urged the UK government to consider giving a chance to the crypto industry.

Well-known British politician Philip Hammond urged the UK government to consider giving a chance to the digital asset industry. He believes that other nations are continuously hopping on the bandwagon to become global crypto leaders, and he doesn’t want his nation to miss the opportunity.

Hammond, who worked as Chancellor of the Exchequer from 2016 to 2019, criticized the British authorities for not moving fast toward the crypto industry. According to him:

“It isn’t too late for us to catch up and recover, but we are getting very close to the point where it will be too late.”

Hammond’s relationship with the crypto industry

At the end of 2017, Hammond had a similar view, claiming that bitcoin and other crypto tokens could ensure London’s financial stability during a period when the city is dealing with the fallout from Brexit and record inflation.

Additionally, he identified himself as a supporter of blockchain technology, which he believes will serve as the foundation for the future trading network. Hammond said that the regulators have been gravely distracted; therefore, domestic watchdogs should take it seriously and implement thorough rules in the industry.

“We need to move pretty quickly to show that this technology is recognized and accepted by legislators and regulators in the UK,” he added.

Notably, Lord Philip has been a part of the crypto world for a year now. He joined London-based digital asset custody company Copper as Senior Advisor. He stated in his appointment that if the authorities bring together the best entrepreneurs, industry, government, and regulators in the country to create and enable a blockchain-based ecosystem for financial services, they will secure the the nation’s global leadership in this industry for decades ahead.

In March, the Advertising Standards Authority (ASA) published new guidelines for advertisers in the country regarding crypto marketing. At the time, more than 50 companies have received the notice from the regulatory body.