Former Finance Minister Hammond points out that the UK is lagging behind in cryptocurrency policy: news | coindesk JAPAN | Coind

Former UK Finance Minister Philip Hammond, who was named as the new chairman of crypto custodian Copper, said the UK is on track to establish itself as a cryptocurrency hub. said it was lagging behind its neighbors.

In an interview with the Financial Times, Hammond said Britain needs to accelerate its efforts to establish more effective regulation of digital assets.

Last year, the current prime minister, then Finance Minister Rishi Sunak, announced his ambitions to make the UK a cryptocurrency hub, including plans to introduce stablecoins into the country’s payments system. The long delay in submitting a policy document on how to manage cryptoassets has been “certainly within weeks, not months,” Treasury Department finance officer Andrew Griffith said this week. said.

“The UK needs to lead in this area after it leaves the EU,” Hammond said.

“Switzerland is far ahead. The EU is also moving fast.

Copper is one of several companies to move to Switzerland last year after withdrawing its application for registration with the UK’s Financial Conduct Authority (FCA). Hammond blamed the move on FCA’s slow response and said Copper hoped to return to England in the future.

Hammond, who served as UK Chancellor of the Exchequer from 2016 to 2019, will join Copper in 2021 as an advisor.

Hammond also told the Financial Times that Copper is nearing finalization of a funding round that could value the company at $2 billion. Copper last raised $196 million in October last year. The valuation at that time was not disclosed.

Copper has not yet responded to CoinDesk’s request for comment.

|Translation: coindesk JAPAN

|Editing: Toshihiko Inoue

|Image: Former Chancellor of the Exchequer Philip Hammond (Shutterstock)

|Original: Ex-UK Chancellor Philip Hammond Urges Accelerated Efforts to Become Crypto Hub: FT