Controversial UK Political Party Becomes the Country’s First to Reveal Crypto Policy

A chauvinist political party in the UK has published the nation’s first coherent cryptocurrency policy. The National Liberal Party (NLP), on August 24, published a post on its website debating that the United Kingdom’s existing cryptocurrency policy is non-existent. The party has alleged that the UK government has been unsuccessful in taking a stand on regulation.   

Using a pessimistic tone, the NLP claimed that the people of the United Kingdom had been deceived by the crypto criminals to the tune of billions. They blasted that the deceitful cryptocurrency policies continue to target customers and function with adulteration.

The party goes on to characterize the United Kingdom’s Financial Conduct Authority’s official policy as troubling, stating that their policies are evidence that they have failed to protect the public.

Although the current conservative government has cited that regulation of cryptocurrency is mandatory, the National Liberal Party claims that the conservative government has failed to implement such program. Labor Party, which is an opposition party, was also criticized.

It is easy to think that people are getting rich investing in cryptocurrencies. However, people overlook the fact that those who are successfully investing in cryptocurrencies use trusted platforms for trading. Online financial trade providers like Kinesis enables cryptocurrency holders to spend them with ease anywhere while offering secure and fast transactions.   

NLP says that it stands for the integrity and future of finance. It has taken its time to understand the latest financial technologies instead of attempting to eliminate them or ignoring them. Moreover, the party also acknowledged the fact that cryptocurrency is here to stay, and if used wisely, can offer an alternative to traditional Fiat currencies. They said that if politicians are willing to cultivate cryptocurrency responsibly, it could supply wealth, provide jobs, and capital to the nation.

Considering the criminal misuse of cryptocurrency, the policy published by NLP says that wrongdoers should get the same penalties as money launderers. The policy states that the victims of crypto fraud and crime should be repaid from a fund established by the exchanges and cryptocurrencies doing business in the United Kingdom. According to the policy, in case, if a voluntary fund cannot be established, the initiative should be funded with an imposed transactional tax.

Moreover, the National Liberal Party also wants the Financial Conduct Authority to reverse its policy of overlooking the new asset class by offering strong support to crypto crime victims. The NLP wants the FCA to pursue initiatives that are designed to encourage cryptocurrency along with its self-regulation.

The party says that this will not make the United Kingdom a center for crypto crimes but a center of legitimate cryptocurrency.