Speaking to MP’s in the House of Commons on January 26, the current Member of Parliament for West Suffolk Matt Hancock argued the case for the UK policies being made around new innovations such as FinTech and cryptocurrencies. According to Hancock, these new technologies have the ability to disrupt the finance sector and can be an “economic driver” for the UK post-Brexit, stressing the importance of getting the new legislation right on them to avoid stifling innovation. Hancock said on the policy:
FinTech and Crypto used for transparency
Notably, the United Kingdom wants to employ these technologies not only so that it does not fall behind financially, but also because the tech is transparent and will aid in the battle against crime and fraud. While on his Twitter account, Hancock added: Finally, it’s worth mentioning that the United Kingdom has been tightening its laws against cryptocurrency exchanges operating there in recent months. Crypto exchanges will be compelled to pay the 2% digital service tax following a new update to the Her Majesty’s Revenue and Customs (HMRC) regulations.
