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Former British Foreign, Defense and Transport Secretary Philip Hammond said the UK is lagging behind European Union (EU) competitors as a financial hub for digital assets. That is why the former politician decided to take on the role of the head of the cryptocurrency company Copper.
Hammond said the Mayfair fintech group has almost closed a new round of funding despite the turmoil in the cryptocurrency industry. It is expected that, following its results, the valuation of the crypto company will reach $ 2 billion. The former politician confirmed that “most of the money” for Cooper has already been collected, but declined to name all the investors and did not give the exact amount. He stated that in any case, everything will become known from the press when the fundraising is completed.
Hammond warned that the UK needs to accelerate the creation of a more effective digital asset regulatory framework in order to compete with other European countries. According to him, the Kingdom should become a leader in this area after Brexit. The specialist noted that Switzerland is ahead and the EU is also moving faster in these matters. The UK “should have an appetite to take some measured risk,” he said.
“We really hope to be back in London,” he said. “After Brexit, the UK needs a strong financial services sector. We need to decide how to become the preferred place to trade new asset classes.” Hammond assured that he would consider issues of “better and more effective” regulation of the crypto sector.
Copper is a digital asset technology company that allows institutional investors to purchase, sell and hold virtual currencies. Hammond was UK Chancellor of the Exchequer from 2016 to 2019.
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