Former cabinet minister Matt Hancock has doubled down on his support for crypto and said it is his “mission” to make the British public love digital assets.
Hancock, who has emerged as a fierce defender of the crypto industry since resigning as health secretary in June, told City A.M. that he wants the UK to “embrace” the high risk asset class.
“If we can love crypto we can embrace it. We can get a good strong regulatory system – a liberal regulatory system – that nevertheless has the rules there that are appropriate to the modern use of technology.”
The comments come after the UK government last month announced plans to transform Britain into a “global hub” for digital assets.
Under current proposals stablecoins will be integrated within the UK’s payments system and tax incentives will be introduced to encourage the growth of a native crypto industry.
While the government has signalled its openness to crypto, regulators have raised the alarm about the risks posed to investors by digital assets.
Just last week FCA chief Nikhil Rathi reiterated warnings that customers who invest in crypto should be prepared to lose all their money.
“The FCA should rightly say we have warned people that you might lose everything, but we have allowed you to make those investments.”Matt Hancock
“It’s right to say you may lose everything, but you may not right?” said Hancock, adding that he welcomes warnings from the FCA which make investors aware about the risks of investing in crypto.
Hancock, who does not invest in crypto himself, went on to dub rules restricting access to high risk investment products “patronising.”
Hancock told City A.M. he has no plans to make a return to the cabinet at present and said he has “enjoyed” relegation to the back benches “far more than expected” because of the freedom it affords him to champion issues he cares about.