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