UK MPs Show Limited Engagement with Cryptocurrencies: Report

Examining UK MPs’ limited grasp of cryptocurrencies reveals challenges in embracing this burgeoning financial landscape and its implications.

A man holding one crypto coin, covering his eyes in gloomy London.
Created by Kornelija Poderskytė from DailyCoin
  • UK MPs have shown a concerning lack of familiarity with cryptocurrencies and blockchain technology.
  • Notable governmental figures have demonstrated support for the crypto space.
  • The UK has aimed to position itself as a significant hub for cryptocurrencies.

A recent report by CryptoUK, the self-regulatory trade association for the cryptocurrency industry in the United Kingdom, has highlighted a concerning lack of knowledge about cryptocurrencies and blockchain technology among members of Parliament (MPs).

Limited Knowledge on Crypto Among UK MPs

Released on December 14, 2023, the report analyzed MPs’ sentiments and mentions of crypto and blockchain from 2022 to 2023, revealing that only 5.7% of the 650 MPs had publicly spoken on the subject.

The findings paint a picture of limited engagement with the cryptocurrency and blockchain sector within the UK Parliament. Out of the 650 MPs, only 37 lawmakers were found to have specifically mentioned crypto and blockchain during the timeframe under scrutiny. This lack of attention to a rapidly growing industry is a matter of concern for industry advocates.

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Despite the low engagement, some notable voices within the UK government have shown support and interest in crypto: MP Andrew Griffith, a former Economic Secretary, and Lisa Cameron, a well-known crypto proponent. 

UK Aims to Become the Next Major Crypto Hub

A spokesperson for CryptoUK emphasized the significance of MPs from all political parties and regions gaining a better understanding of the crypto industry. They highlighted that nearly five million people in the UK are exposed to cryptoassets, and tens of thousands work in the sector.

While the UK government under Prime Minister Rishi Sunak aims to become a crypto hub, it is also taking steps to establish a regulatory framework for cryptocurrencies and stablecoins. Additionally, officials from the Financial Conduct Authority (FCA) have been imposing restrictions on crypto firms promoting projects to UK residents. 

On the Flipside

  • The rush to establish the UK as a major crypto hub might overlook crucial regulatory measures to safeguard investors.
  • While only a small percentage of MPs publicly mentioned crypto and blockchain, it doesn’t necessarily reflect a lack of awareness; some might be deliberating internally or seeking more information before making public statements.

Why This Matters

The next general election in the UK is expected to occur before January 2025. The outcome of this election will determine the trajectory of the government’s approach to cryptocurrencies and blockchain technology. Whether Prime Minister Rishi Sunak’s Conservative government will retain power and continue its crypto-friendly agenda remains to be seen.

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To learn more about the cautious approach recommended by UK lawmakers regarding the rollout of the digital pound, read here:
UK Lawmakers Warn Against Hasty Rollout of Digital Pound

To discover further details about Justin Sun’s Poloniex exchange being listed by the UK’s FCA, read here:
Justin Sun’s Poloniex Exchange Lands in UK FCA Warning List

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.