Most UK MPs ‘lack crypto knowledge’, says industry association
The self-regulatory trade association CryptoUK reported that approximately 5% of all Members of Parliament (MPs) in the United Kingdom have spoken publicly on crypto and blockchain, which indicates a lack of knowledge.
In a report released on December 14, CryptoUK analyzed the sentiments of MPs between 2022 and 2023 and found that only 37 lawmakers specifically mentioned crypto and blockchain – 5.7% of the 650 members. Some of the loudest voices in the UK government in 2023 include CryptoUK, MP and former economy secretary Andrew Griffith, and crypto supporter Lisa Cameron.
A spokesperson for CryptoUK said: “It is important that MPs from all parties and from all corners of the UK become more aware of the cryptoasset industry.” “About five million people […] With some form of cryptocurrency exposure in the UK, tens of thousands of people work in the industry in the UK, supporting local economies and helping the UK economy grow.
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UK Prime Minister Rishi Sunak has said that his government plans to make the country a “global center for crypto-value technology”. Lawmakers are moving forward with plans to establish a regulatory framework for stablecoins and curb illicit crypto use. Since October, Financial Conduct Authority officials have imposed restrictions on crypto companies promoting projects to UK residents.
The next UK general election is expected to be held before January 2025, at which point it is unclear whether Sunak's Conservative government will remain in power.
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