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The adoption of cryptocurrency into mainstream use is edging closer as more countries develop crypto friendly policies.
Digital assets have become one of the best financial options available on the market and more online traders have taken interest in these assets.
One of the most controversial political parties in the United Kingdom has come up with what they have described as the country’s first complete cryptocurrency policy.
The National Liberal Party (NLP) said that the current policies being used by the government are non-existent and that government has failed to properly provide regulation for cryptocurrency.
NPL criticizes the government and regulatory authorities
In its post on the matter, the NLP claims that citizens of the United Kingdom have lost billions of pounds to criminals who use cryptocurrency schemes to defraud investors. They added that these fraudsters continue to target investors because of the weak policies that are currently in place.
Speaking on the Financial Conduct Authority’s policies, the NLP’s post says that the policy is troubling and the regulatory authority has failed in its mandate to protect investors in the country from losing their money to fraudulent schemes.
Unregulated crypto assets are not covered by the Financial Services Compensation Scheme and this means that if one loses their funds when engaging with such assets, they will not receive any form of compensation.
Some of the unregulated crypto assets include Bitcoin, Ethereum and XRP, which are popular among the crypto trading community.
NLP’s plans for cryptocurrency
The NLP says that they believe cryptocurrencies have a firm place in the future of financial systems and as such, the party has carefully considered the technology unlike other parties that rushed to try and eliminate cryptocurrency.
The post by the NLP emphasizes that cryptocurrency is here to stay and it is a viable alternative to traditional monetary systems.
Policy presented by the NLP dictates that those who are found guilty of using digital assets for the illicit activity should face similar punishment as those involved in money laundering.
The party added that crypto exchanges and other cryptos related business should create a voluntary fund which will be used to compensate victims of fraudulent crypto activity.
The polled fund would function like funds that are in existence to protect those who buy stocks. If these companies cannot create a fund, a tax should be imposed on them which will then be used to compensate those who lose their money.
Transforming the crypto landscape in the UK
The NLP says that their policy will change how the crypto industry in the United Kingdom is perceived. The statement by the party says that they would change the UK from being a hotspot for cryptocurrency related crime to being a leader in the crypto finance industry.