UK MP: the only way cryptocurrencies will be trusted is through regulation

As he takes on a new advisory role, a Conservative MP has argued that regulation is the way ahead for crypto…

Stephen Hammond MP represents the constituency of Wimbledon in London, and has been its member of Parliament for 13 years and counting. He’s also someone with a firm interest in cryptocurrency, not least because of his background in finance before he became a politician.

Now comes the news that Hammond, who represents the Conservative Party, has signed up to advise a new cryptocurrency exchange. He’ll be part of IronX, a new platform that’s tapping into Hammond’s views on crypto regulation.

His appointment was revealed in an official announcement from IronX, a platform that aims to “bring crypto trading to the mass retail trading market”.

“The only way cryptocurrencies will be trusted and become accepted in the traditional business environment is through regulation”, Hammond said as part of the aforementioned announcement.

“This includes governments, policymakers, regulators and the financial services industry. Governments cannot afford to be ambiguous in their stance and need to engage with the industry”, he added.

The appointment comes at a time when regulation is on the agenda for the UK government, just not apparently very high up it. Last week, for instance, came the news that any cryptocurrency regulation in the UK will take at least two years to bring the statute books, which given the fast moving nature of crypto, raises questions in itself.

Hammond, on top of his new advisory role, will continue to serve as a member of Parliament.

Image: Chris McAndrew