UK Political Party Says the Current Crypto Policy Is a Bust, Introduces New Option

The National Liberal Party of the United Kingdom has come out with a post on their website where they criticize the UK government for their failure to introduce a comprehensive cryptocurrency regulation and prevent all of the crypto fraud that has been allegedly happening under the politicians’ noses.

The NLP also criticized the opposition Labor party for not challenging the government in their stance against the policies. Further criticism can be seen targeted at the Financial Conduct Authority (FCA), the UK’s financial regulator.

The NLP mentions that the warnings that the FCA comes out within which they advise the population to avoid investing in any unregulated cryptocurrencies, should consider that the biggest ones out there such as BTC, ETH, and LTC are considered as unregulated in the country. Preventing these coins, which have a high concentration in the UK from being traded is absurd according to the NLP.

The same arguments were being made by several political parties when social trading networks were starting to grow in the country, but nothing came out of it. Soon enough, it was engulfed by Binary options and led to many Brits losing most of their savings. However, experts are now saying that cryptocurrency scams are sure to slow down significantly, considering how many people are starting to switch to trustworthy, licensed operators such as cryptocurrency exchanges.

Regardless though, the NLP is demanding that crypto investors be reimbursed for their losses from a new fund. The fund will be supplied with money from the government and the crypto exchanges. The other option is to tax transactions and have that tax money fill up the fund. This is something that Cardano already does for its developers, however, it’s unknown whether it could work for reimbursement, and who will govern it.

Image from National Liberal Party website