Stephen Hammond, a UK Member of Parliament (MP) has joined the advisory board of a new cryptocurrency exchange IronX. He will advise the cryptocurrency trading platform on government relations including financial oversight and regulation, something that many believe is crucial for the future regulatory development.
IronX is a new exchange launched by IronFX and EmurgoHK, who are the co-developers of one of the most successful cryptocurrency projects in recent history: Cardano (ADA token). The exchange is targeting the mass retail trading market.
Hammond, a serving MP who has represented his constituency of Wimbledon, London since 2005 and worked with financial wings of the government including the Treasury Select Committee has been interested in cryptocurrencies for a while now. But, he was also quoted as saying that the government was on a steep learning curve to understand the new digital class asset.
“The only way cryptocurrencies will be trusted and become accepted in the traditional business environment is through regulation […] This includes governments, policymakers, regulators and the financial services industry. Governments cannot afford to be ambiguous in their stance and need to engage with the industry.”
Overall, the MP has continued to talk positively about the cryptocurrency and blockchain industry and has declared that it is a great opportunity to improve the financial system’s status quo.
IronX has already acquired the regulatory approval and has become the first cryptocurrency exchange to get a serving MP on its advisory board. Other MPs have also come out and spoken in favour of cryptocurrencies including Matt Hancock, who delivered a speech regarding the monumental impact of blockchain technology.
The UK’s top financial watchdog is tough on cryptocurrencies but, has been steadily issuing exchanges and other trading platforms the required license to operate in the country.
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