Lord Philip Hammond, former U.K. Chancellor of the Exchequer, has recently been appointed as the chairman of the crypto exchange, Copper, according to a report by the Financial Times. He had served as a Senior Adviser to Copper since October 2021, providing strategic advice to the firm as it expands its operations and services globally.
Hammond, who is expected to assume his new position with immediate effect, said he intends to help Copper become the "best governed, most secure player" in the crypto industry. He aims to do this by recruiting talents from more traditional financial services sectors with experience in compliance and regulations.
Commenting on his new appointment, Hammond said, "I have greatly enjoyed working with Copper… Recent security and regulatory challenges affecting the digital asset sector have only served to emphasise the need for safe, well-regulated trading infrastructure…I look forward to continuing to make the case for this potential to be realised as Chairman of Copper."
UK Needs to Step Up Efforts to Become Global Crypto Hub
Hammond further criticized the UK's cautious approach to regulating the crypto industry, warning that the country is already falling behind some of its rivals in establishing itself as a financial centre for digital assets. Recall that last year, then-chancellor Rishi Sunak, who is now prime minister, announced the ambitious plan of turning the UK into a global crypto hub.
However, since then, the authorities are yet to release a framework detailing how cryptocurrencies should be governed in the UK. Hammond urged the UK government to accelerate its plans to create a more effective regulatory framework for digital assets to enable it to compete with countries that were already racing ahead.
He said, "The UK needs to be leading in this area post-Brexit. It’s allowed itself to slip behind. Switzerland is further ahead. The EU is also moving faster. There has to be appetite to take some measured risk."
Hammond pointed out that the slow registration process of the Financial Conduct Authority (FCA) was the reason why Copper moved its operations from the UK to Switzerland. The firm was among the companies that withdrew its application for a license with the FCA last year.
Hammond, however, added that the firm hopes to return to the UK in the future. "We are very much hoping to migrate back to London. Post-Brexit, the UK needs a strong financial services sector. We need to work out how to become the location of choice for trading in new asset classes," he stated.
On another news, Andrew Griffith, economic secretary to the Treasury, disclosed earlier this month that the government is considering introducing the "digital pound" as part of ongoing plans to transform the UK into a global crypto hub.
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