The National Liberal Party (NLP) – a controversial far-right political party in the UK – has become the first political group in the country to reveal its policy on cryptocurrency.
The NLP published its crypto policy on its official party website.
While the UK’s financial watchdog – the Financial Conduct Authority (FCA) – already has a policy on cryptocurrencies, the NLP believes it to be a “non-policy”.
The website reads: “While our government professes to abhor organised crime and money laundering, it takes a hands-off approach to organised crime using cryptocurrency, many of them based in Eastern Europe.
“The sheer volume of transactions make this a national threat.”
The NLP has now outlined its own policy on cryptocurrency, becoming the first political party in the UK to do so.
It believes that cryptocurrency is here to stay and it is an alternative to current currencies such as fiat.
It also believes criminal uses of cryptocurrency should be treated as money laundering and “vigorously” punished.
The National Liberal Party’s policy also states that victims of cryptocurrency-related crime should be compensated by a fund established by “the cryptocurrencies and exchanges that do business in the UK”.
“If a voluntary fund cannot be established, then a transactional tax should be imposed to fund the initiative,” the party claims.
The NLP also wants the FCA to reverse its policy of ignoring cryptocurrency and to ensure victims are given priority.
Finally, it wants the UK to set up its own advanced initiative to promote the responsible use of cryptocurrency.
“The NLP seeks a responsible regime where victims have recourse and a strong self-regulatory scheme that will make the UK a centre of legitimate cryptocurrency finance,” it adds.
While the NLP’s policy has its flaws, it is positive to see a political party outline a policy for cryptocurrency, as this could prompt others to follow suit and take more stringent action when it comes to regulation.
Interested in reading more about the FCA’s stance on cryptocurrency? Discover more about the UK’s watchdog slamming Bitcoin, claiming it has no “intrinsic value”.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.