Around 5% of Members of Parliament (MPs) in the UK have publicly discussed cryptocurrencies and blockchain, revealing a noticeable gap in knowledge, according to a report by CryptoUK, a self-regulatory trade association.
The report, released on December 14, examined the sentiments expressed by MPs between 2022 and 2023, highlighting that only 37 MPs, comprising 5.7% of the total 650 MPs, specifically addressed topics related to cryptocurrencies and blockchain. Among notable figures mentioned were MP Andrew Griffith, former Economy Secretary, and Lisa Cameron, known for her support of cryptocurrencies.
A spokesperson from CryptoUK emphasized the significance of MPs gaining a deeper understanding of the crypto asset industry. They stressed that nearly 5 million individuals in the UK own some form of crypto asset, with tens of thousands employed in the industry, aiming to boost the local economy and contribute to the growth of the UK's economy.
British Prime Minister Rishi Sunak has expressed intentions to position the country as a "global technology hub for crypto assets" during his administration. Lawmakers are already advancing plans to formulate regulations for stablecoins and take action against the illicit use of cryptocurrencies. The Financial Conduct Authority has also implemented restrictions on cryptocurrency companies promoting projects to UK residents since October.
The upcoming general election in Britain is anticipated to occur by January 2025, raising questions about the continuity of Sunak's conservative government and its policies regarding the crypto asset space.
