British government minister claims that crypto does not serve as a threat to the country’s economic stability, confirming that the focus is on bringing to light the “right” level of regulations which can minimize risks and encourage stable growth in the new space.
In light of this, Glen stated that the U.K. government’s goal was to “find the right narrative and the right level of regulation” for the emerging industry.
“I think its right that we take appropriate — not really cautious, but proportionate — steps to evaluate it before we act as a government.”
Cryptocurrencies exploded in popularity during the latter half of 2017 – however, while traders and investors welcomed the crypto boom with open arms, governments and financial authorities have struggled to build appropriate regulatory frameworks and keep pace with the ever-expanding space. Speaking on the challenge of regulating cryptocurrencies without halting beneficial growth, Glen said:
“The issue is, how do we regulate or not, how do we enable or not, based on the blend of opportunities and risks that may exist in this new technology.”
Commenting on the opportunities the crypto market offers and the benefits of appropriate regulation, Glen added: “Regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London.”
Earlier this month, cryptocurrency regulation also featured on the agenda for the G20 Summit in Argentina. But as it is, members of the G20 group were unable to reach consensus on how to approach cryptocurrency regulation and set a deadline for July this year to further discuss the matter.