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.