Photo Credit To BeatingBetting.co.uk Via Flickr

A far-right UK party recently published what it has described as the first comprehensive crypto policy in the UK.  The National Liberal Party posted on their site on August 24 that the current crypto policy in the UK was too limited. This party alleged that the UK had failed to take a meaningful stance on crypto regulation in the nation. 

Political Mainstream has failed the UK

The post had an alarmist tone to it and it claimed that crypto criminals had defrauded UK Citizens of billions of pounds. Furthermore, it claimed that crypto scams continue to operate with impunity in the UK. 

The NLP’s post targeted the policy created by the Financial Conduct Authority, which is the UK’s financial watchdog. It cited a paragraph from the regulator, which it said was evidence the FCA had failed UK citizens. In the cited paragraph, the regulator warns consumers to be aware that various regulatory protections are lacking when it comes to buying and selling crypto. The regulator went on to say that unregulated crypto such as BTC and XRP are not covered by the regulator’s compensation scheme. Besides that, the FCA warns consumers that they do not have recourse when things do not work out when dealing in the unregulated crypto assets. 

According to the NLP, while the current government had said crypto regulation was important, it has not implemented such a program. Besides the government, the NLP’s posts criticized the Labour Party. It said that the party claimed crypto was a Ponzi scheme and if it got into government, it would regulate it out of business.  

The NLP Believes in Crypto

According to the NLP, it has taken time to understand crypto instead of trying to eliminate or ignore it. In the post, the part acknowledged that crypto was not going anywhere anytime soon. It added that crypto offered a good alternative to traditional fiat money. The party said that crypto would supply capital, wealth, and jobs if political actors stepped up. 

On the issue of criminal misuse of crypto, the NLP says that offenders would face similar punishment to those involved in money laundering. Its policy also established a fund, which is funded by crypto coins and exchanges, which conduct business in the UK. However, if a voluntary fund does not materialize, their policy calls for the creation of a transactional tax to fund the scheme. 

The NLP’s post also called for the FCA to stop its policy of ignoring crypto by offering support to victims of fraud and pursuing initiatives to promote crypto and self-regulation of the sector. According to the NLP, this would make the UK a global hub for crypto finance instead of the center of crypto crime that it currently is. 

At the start of August, Steve Bannon, who previously worked as the Chief Strategist for Donald Trump and the co-founder of Breitbart News, said that he saw crypto as part of a populist revolt. He added that this would empower people, governments, and companies to delink themselves from central banks, which often debase currencies. 

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

Why IEOs Could Be the Future of Fundraising in the Crypto Space

Photo Credit To Techno Loader Via Flickr Some experts in the crypto…
elrond network

What Do You Need To Know About The Elrond Network Blockchain?

Ethereum has enhanced blockchain technology with its consensus mechanism, but major problems…

Huobi Wallet Partners With Unstoppable Domains To Enable Users To Send Money To .Crypto Blockchain Domains

SAN FRANCISCO – Huobi Wallet, the self custody wallet app created by Huobi…

Hong Kong Authorities Arrest 3 People In Connection With Bitcoin ATM Scam

Hong Kong’s authorities recently placed three people in custody. The arrests were…

South Korea’s Pop Music Giant to Launch New Cryptocurrency

Photo Credit To abbeylieve via Flickr S M Entertainment, South Korea’s largest music…

“I personally don’t believe Libra will succeed,” Says China’s Former Congressional Official

The ex-official of the congressional committee of China recently trolled Facebook’s proposed…

Teller Raises $1 Million Seed Led By Framework Ventures To Bring Your Credit Score To Blockchain

SAN FRANCISCO July 16, 2020  – Teller, a blockchain project for decentralized lending…

Why The IRS Could Be Cracking Down On Cryptocurrency Investors And Traders In 2020

Based on recent IRS behavior, it seems like the organization plans to…

WISeKey to Hold Discussions on Deployment of COVID19 Trusted Health Passports on the Blockchain

WISeKey and a group of international experts plan to hold the deployment…

Stellar XLM Technical Analysis Shows Price Seeing Potential 25% Rally

Stellar ( XLM ) has been on watch the last couple days.…