{"id":467534,"date":"2022-06-24T07:36:34","date_gmt":"2022-06-24T04:36:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/former-chancellor-says-uk-is-falling-behind-on-crypto-opportunity\/"},"modified":"2022-06-24T07:36:34","modified_gmt":"2022-06-24T04:36:34","slug":"former-chancellor-says-uk-is-falling-behind-on-crypto-opportunity","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/former-chancellor-says-uk-is-falling-behind-on-crypto-opportunity\/","title":{"rendered":"# Former Chancellor says UK is falling behind on crypto opportunity"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3cd7a9c7325\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3cd7a9c7325\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/former-chancellor-says-uk-is-falling-behind-on-crypto-opportunity\/#%E2%80%9D_Former_Chancellor_says_UK_is_falling_behind_on_crypto_opportunity_%E2%80%9C\" >&#8221; Former Chancellor says UK is falling behind on crypto opportunity  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Former_Chancellor_says_UK_is_falling_behind_on_crypto_opportunity_%E2%80%9C\"><\/span>&#8221; Former Chancellor says UK is falling behind on crypto opportunity  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZGMwZDEzYjgtNzMxYS00YTI0LWIyMmEtZTRmNmVmYTRjYjgwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>A former Chancellor of the United Kingdom has raised concerns the country is slipping behind its rivals in the European Union when it comes to the cryptocurrency regulation.<\/p>\n<p>Philip Hammond, who served as the U.K.\u2019s Chancellor of the Exchequer from 2016 to 2019, told Bloomberg that there has been a distinct lack of direction and cohesion when it comes to crypto policy:<\/p>\n<blockquote><p>\u201cParticularly in the area of digital asset trading, I feel that the UK has missed a trick [&#8230;] We are getting very close to the point where it will be too late. Other jurisdictions are racing ahead of us.\u201d<\/p><\/blockquote>\n<p>\u201cThe problem is that there are no regulations, and nobody quite knows where they stand, right? It&#8217;s a bit of a wild-west, and has gained, frankly, a mixed reputation, particularly among policymakers and politicians and the public.\u201d<\/p>\n<p>He also stressed that the development of digital trading infrastructure will be key to turning the U.K. into a hub for trading tokenized traditional assets, such as tokenized equities and tokenized bonds. <\/p>\n<p>\u201cGetting this right, getting the rules around digital trading right, will be an essential prerequisite for being a player in the digitization of traditional financial assets:\u201d<\/p>\n<blockquote><p>\u201cThe jurisdictions that have embraced this <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> that have regulated it properly and effectively will be the ones that develop these markets and they will become the new hubs.\u201d<\/p><\/blockquote>\n<p>The former minister\u2019s criticisms came despite promises from the U.K. government in May to introduce legislation to regulate the crypto industry. <\/p>\n<p>Hammond said that while the country has been \u201cvery agile in embracing new technologies\u201d in the past, this hasn\u2019t been as <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arent when it comes to crypto regulation, adding that it was likely due to a mix between a \u201cbandwidth issue\u201d and a \u201ccapacity issue.\u201d<\/p>\n<p>\u201cThis is a very new area of technology. It\u2019s very difficult for public sector bodies with public sector pay structures to recruit the best and the brightest into these areas.\u201d<\/p>\n<p><strong><em>Related:\u00a0UK government proposes additional safeguards against stablecoin failure risks<\/em><\/strong><\/p>\n<p>\u201cPersonally, I think the [Financial Conduct Authority] FCA should have gone to the industry and said we need secondees. We can\u2019t, you know, we can\u2019t hire the people we need. We need the industry, to provide us with the talent to work up the regimes we need to introduce.\u201d<\/p>\n<p>In their defense, Hammond said that regulators have been dealing with a period of immense stress dealing with the consequences of Brexit, COVID-19 and its impact on their own working arrangements. <\/p>\n<p>Hammond is no stranger to the crypto industry, currently serving as a senior adviser to copper.co since October 2011, a London-based start-up firm that provides custodial and infrastructure services in the digital asset sector.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"consulting_newsletter\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/former-chancellor-says-uk-is-falling-behind-on-crypto-opportunity\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Former Chancellor says UK is falling behind on crypto opportunity &#8220; A former Chancellor of the United Kingdom has raised concerns the country is slipping behind its rivals in the European Union when it comes to the cryptocurrency regulation. Philip Hammond, who served as the U.K.\u2019s Chancellor of the Exchequer from 2016 to 2019,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":467535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvZGMwZDEzYjgtNzMxYS00YTI0LWIyMmEtZTRmNmVmYTRjYjgwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79786,88784,55229,70934,4966],"class_list":["post-467534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-digital-asset","tag-uk-government","tag-law","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=467534"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/467534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/467535"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=467534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=467534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=467534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}