The National Liberal Party (NLP) of the UK has become the first UK political party to introduce a coherent forward-looking policy on cryptocurrency. It argues that the current crypto policy has failed and the government hasn’t taken any action.

The NLP policy believes that cryptocurrency can prove to be a key component of economic self-determination. This is by offering alternatives to government and big bank dominated financial systems. Also, the party favors effective self-regulation of crypto markets, the establishment of a fund for victims of cryptocurrency scams, and the prevention of illegal activities. The Party has criticized the government for not taking any steps for regulations. This is because the citizens are constantly falling victim to crypto criminals and schemes. The NLP also criticized the opposition Labour Party despite believing cryptocurrency as a Ponzi scheme and not raising any voice.

According to the NLP policy, crypto criminals should be subject to the same punishments as money laundering criminals. It also states that the victims of such crypto crimes should get compensation from the fund established by the cryptocurrencies and exchanges of the UK. The National Liberal Party thus wants to make the UK a center of legitimate cryptocurrency finance as per the source.

Recently, the British tax agency HM Revenue & Customs (HMRC) had demanded customer and transaction information from cryptocurrency exchanges. It has sent out official letters to several exchanges based in the UK requesting customers’ names and transaction histories.