National Liberal Party (NLP) Calls For Changes To UK’s Crypto Policies for Being Non-Existent
Governments and regulators across the world are scrambling to put in place regulations for the crypto industry. The blockchain and cryptocurrency sector is one of the fastest growing industries in the world and the need to have proper policies in place for it is ever growing.
The United Kingdom (UK) is one of the countries which have a viable and fast growing crypto industry. Crypto related businesses and exchanges are regulated by the country’s Financial Conduct Authority. The National Liberal Party (NLP), a far right political party in the UK, has come out and criticized the government and regulatory authorities in the country for apparently failing to provide proper regulations for the industry.
The NLP went on to present its own policy which the party describes as the first coherent cryptocurrency policy out of the UK.
Government Falling Short on Crypto Regulations
According to a post by the NLP, citizens of the UK have lost billions of pounds through crypto related fraud. They went on to say that these fraudsters and schemers continue to prey on people in the UK with impunity because of the absence of measures which protect consumers from such illicit activity.
The NLP describes regulations used by the FCA as troubling and that the regulatory body has failed in their bid to protect the public.
They added that investors should be aware of the fact that there is no protection from the regulator when one is purchasing unregulated digital assets such as Ethereum, Bitcoin and XRP. The Financial Compensation Scheme has no provisions to cover loss of funds which occurs with unregulated crypto assets.
NLP has Policies to Properly Regulate Cryptocurrency
The NLP says that they stand with a digital future for financial systems and they have taken time to completely study new financial techs. The party has placed itself in position to accommodate cryptocurrency in their policies rather than attempt to ignore or eliminate digital assets as is the case in policies pushed by other political parties.
The party is of the belief that cryptocurrency will be a permanent part of the future of financial systems and it is a solid alternative to fiat currency systems. The crypto industry could create jobs, provide wealth and capital if policies to support it are put in place, says the far right party.
In the post, the NLP goes on to call for the creation of a fund that will be used to compensate victims of crypto related fraud. They say that crypto related exchanges and businesses should create a voluntary fund in which each of these firms places a certain amount of money.
If these companies cannot come up with such a fund, the government should impose a transactional tax which would then be transferred to the compensation fund for victims.
The NLP has come up with a policy that will be well received by the crypto community in the UK. The proposed policy addresses a number of challenges that have affected the UK’s crypto industry, especially the issue of fraudulent activity.
Such progressive policies would go a long way in assisting cryptocurrencies in their bid for mainstream adoption