At the March 22 Treasury’s International Fintech conference on Thursday, John Glen, the British City Minister stated to journalists that “regulation could be an enabler of a stable, flourishing cryptocurrency exchange in the City of London,” as reported by Business Insider.
John Glen told reporters that he doesn’t see cryptocurrencies as posing a serious threat to the British economy and that governmental legislation of the market will be “proportionate”.
Last week, the UK government formed a council to support cryptocurrency which will be comprised of the Treasury, the Bank of England, and the Financial Conduct Authority.
“We are seeing great excitement, some wariness, and also I think some misunderstandings. We remain agnostic and are engaged in trying to find the right narrative and the right level of regulation if that’s appropriate,” Glen told the Press.
“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,” he added.
In the last few months, many countries such as the United States, Canada, Thailand, Japan and South Korea have taken steps toward regulating the cryptocurrency market to allegedly make it safer and more transparent for the government and investors.
According to John Glen, “I think it’s right that we take appropriate — not really cautious, but proportionate — steps to evaluate it before we act as a government.”