Most UK lawmakers ‘lack understanding of cryptocurrency,’ according to industry group

The self-regulatory trade organization CryptoUK has indicated that approximately 5% of all members of Parliament (MPs) in the United Kingdom have publicly addressed crypto and blockchain, implying a deficiency in understanding.

In a report published on Dec. 14, CryptoUK examined the attitudes of MPs from 2022 to 2023, discovering that only 37 legislators explicitly referred to crypto and blockchain — 5.7% of the total 650 members. Among the prominent figures in the U.K. government in 2023, as noted by CryptoUK, were MP and former Economic Secretary Andrew Griffith and crypto advocate Lisa Cameron.

“It’s crucial that MPs from all political parties and regions of the UK become more familiar with the cryptoasset sector,” stated a spokesperson for CryptoUK. “Nearly five million individuals […] in the UK have some form of cryptoasset involvement, while tens of thousands are employed in the sector in the UK, contributing to their local economies and aiding the growth of the British economy.”

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U.K. Prime Minister Rishi Sunak has expressed his intention to position the country as a “global hub for crypto-asset technology” under his administration. Legislators have already begun advancing plans to create a regulatory framework for stablecoins and address the misuse of crypto. Since October, officials from the Financial Conduct Authority have implemented restrictions on crypto companies marketing projects to U.K. residents.

The upcoming general election in the U.K. is anticipated to occur before January 2025, at which time it remains uncertain whether Sunak’s conservative government will continue in power.

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