Majority of UK MPs ‘lack crypto knowledge,’ says industry association

Published

1 year ago

December 14, 2023

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The self-regulatory trade association CryptoUK has reported roughly 5% of all Members of Parliament (MPs) in the United Kingdom have publicly spoken on crypto and blockchain, suggesting a lack of knowledge.

In a report released on Dec. 14, CryptoUK analyzed the sentiment of MPs between 2022 and 2023, finding that only 37 lawmakers specifically mentioned crypto and blockchain — 5.7% of the 650 members. Some of the top voices in the U.K. government in 2023, according to CryptoUK, included MP and former Economic Secretary Andrew Griffith and crypto proponent Lisa Cameron.

“It’s important that MPs from all parties and from all corners of the UK get to know the cryptoasset industry better,” said a CryptoUK spokesperson. “Almost five million people […] in the UK have some sort of cryptoasset exposure, while tens of thousands of people work in the industry in the UK, supporting their local economies and helping the British economy grow.”

U.K. Prime Minister Rishi Sunak said he planned to make the country a “global hub for crypto-asset technology” under his government. Lawmakers have already been moving forward with plans to establish a regulatory framework for stablecoins and crack down on illicit uses of crypto. Since October, officials with the Financial Conduct Authority have imposed restrictions on crypto firms promoting projects to U.K. residents.

The next general election in the U.K. is expected to be held before January 2025, at which point it’s unclear whether Sunak’s conservative government will remain in power.

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