Matt Hancock has called for the introduction of an “attractive” tax system and “liberal” regulatory regime to help the UK become “the jurisdiction of choice for crypto”.
In his keynote speech at Crypto A.M.’s fourth anniversary conference on Wednesday, Hancock said the tax framework for crypto needed to be dealt with quickly.
“We need a stable, attractive tax regime that doesn’t squeeze the lemon until the pips squeak, but takes a proactive attitude that a smaller part of something is worth more than a larger share of nothing,” he said.
The former Health Secretary also said the UK should “regulate for growth, for high-quality markets,” and not be overly concerned about avoiding failure. He urged for a “clear, liberal, attractive regime” for crypto.
“Increasingly the right principles are emerging: Liberal not libertarian; regulate by function; Caveat Emptor; proportionality,” he said. “But there is so much to do.”
Hancock compared crypto to the internet in the 1990s and said crypto would similarly need to break down barriers and prejudice.
“Britain succeeds when it embraces new technology,” he said.