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UK Government Minister Calls for 'Proportionate' Crypto Rules

John Glen, the U.K. minister who oversees the financial sector, says regulation could lead to "a stable, flourishing" crypto exchange in London.

Mar 26, 2018 at 2:30 a.m. UTC
Updated Sep 13, 2021 at 7:44 a.m. UTC

The U.K.'s City Minister, John Glen, told reporters at the Treasury's International Fintech conference on Thursday that "proportionate" regulations could give the local cryptocurrency industry a significant boost.

In his comments, Glen said the government is still "engaged in trying to find the right narrative and the right level of regulation if that's appropriate," according to Business Insider.

The minister continued, saying:

"Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London."

Notably, the minister acknowledged that the current level of cryptocurrency trading and related activities is "not posing any significant risk to the UK economy."

That same day, Chancellor Philip Hammond announced the establishment of a new “cryptocurrency task force” including regulators, representatives from the Bank of England and the Treasury. A new legal infrastructure for the U.K. blockchain industry could be on the horizon.

Earlier this month the U.K. cryptocurrency exchange CoinfloorEX announced it will start offering bitcoin futures contracts in April. Although London is teeming with blockchain projects and startups, so far the most popular exchanges operate out of the United States or Asia.

Glen stressed the importance of taking measured steps before trying to encourage local innovation with more legal clarity, saying:

"I think it's right that we take appropriate — not really cautious, but proportionate — steps to evaluate it before we act as a government."

London image via Shutterstock

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