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MP Says Cryptocurrency Exchanges Will Flourish in London Under Regulation

March 30, 2018

 

On Thursday, British MP (Member of Parliament) John Glen said that cryptocurrencies do not pose any threat to the stability of the economy of the United Kingdom, and that, with appropriate regulations, blockchain innovation will flourish and that the establishment of a London-based cryptocurrency exchange would be likely.

 

Glen, speaking with journalists outside of an international fintech conference on Thursday, said, “I think it's right that we take appropriate — not really cautious, but proportionate — steps to evaluate it before we act as a government ... The issue is, how do we regulate or not, how do we enable or not, based on the blend of opportunities and risks that may exist in this new technology. Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London … We are seeing great excitement, some wariness, and also I think some misunderstandings ... I've had initial guidance that at the moment the scale of the activity in the UK — cryptocurrency trading, blockchain technology — is not posing any significant risk to the UK economy.”

 

Glen’s comments come only one day after his government announced the establishment of a cryptocurrency task force, to be made up of representatives from the Financial Conduct Authority, the Treasury, and the Bank of England.

 

London is home to a growing number of blockchain startups, but there is, as of yet, no UK-based cryptocurrency exchange.

 

 

 

By: BGN Editorial Staff

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