CryptoUK, a self-regulatory trade association, has revealed that only a small fraction of the United Kingdom’s Members of Parliament (MPs) have publicly engaged in discussions about cryptocurrency and blockchain technology. This finding suggests a potential gap in knowledge among UK lawmakers regarding this sector.
In a study published on Dec. 14, CryptoUK examined the public statements of MPs from 2022 to 2023. The analysis showed that merely 37 out of the 650 MPs, accounting for about 5.7%, specifically addressed issues related to cryptocurrency and blockchain. Among the prominent figures in the UK government who have spoken about these topics in 2023 were MP and former Economic Secretary Andrew Griffith and crypto advocate Lisa Cameron.
A spokesperson for CryptoUK emphasized the need for broader understanding of the cryptoasset industry among MPs. “It’s crucial that MPs from various parties and regions across the UK deepen their knowledge of the cryptoasset sector,” the spokesperson stated. They highlighted the significant engagement of the UK population with cryptocurrencies, noting that “almost five million people in the UK have some form of cryptoasset exposure, and tens of thousands are employed in this sector, contributing to local economies and the overall growth of the British economy.”
UK Prime Minister Rishi Sunak has expressed his ambition to position the country as a leading global center for crypto-asset technology under his administration. The government has been actively working on creating a regulatory framework for stablecoins and addressing illegal activities associated with cryptocurrencies. Since October, the Financial Conduct Authority has implemented restrictions on crypto firms advertising their projects to UK residents.
With the next general election in the UK anticipated to take place before January 2025, the future of Sunak’s conservative government and its policies towards the crypto industry remains uncertain.
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