Stephen Hammond, a member of the U. K. Parliament, has joined a new crypto exchange focused on retail investors as a way to provide guidance for this company on government relations. The news, which was released via a press release, affirmed that the goal of the partnership was to advise on compliance and other government-related matters.
As a member of the Treasury Select Committee, Hammond is responsible for the government financial oversight and regulation on this industry. Because of this, his presence at the exchange, which is called IronX, is important.
IronX is a new platform that is a joint venture between two digital firms: EmurgoHK and IronFX. EmurgoHK, as there is a chance that you might have already heard, is the developer that created Cardano, one of the top coins in the crypto market. The platform will have a strong focus on bringing crypto trading and mass retail trading together in new ways.
About Stephen Hammon
Hammond has already served as the MP for the Wimbledon constituency in London since 2005 and he has 20 years of experience in the financial market, which makes him an expert in this field. While he is somewhat new to the crypto industry, his experience in the financial market and in the government is important.
He has recently affirmed that there is a steep curve to understand this new asset class called cryptocurrencies and that they will only be trusted and accepted when they are fully regulated, something that will happen soon.
To aid in the future of the crypto market, governments, regulators, policymakers and the financial industry in the United Kingdom will have to create a framework that is transparent and not too ambiguous, he believes. He endorsed the crypto industry and has affirmed that the sector has lots of potential for growth and that it can improve the current financial system over time.
Matt Hancock, a fellow Tory companion of Hammond in the government, has affirmed that the blockchain technology will certainly have a huge impact in the financial technology and that it will also make laws and regulation chance drastically, so the government have to pay attention to it.
The CEO of IronX, Markos A. Kashiouris, believes that having regulatory approval can be key for success as the exchange will only be launched in December 2018, but having support is already a step forward to get the trust of people.
Last month, IronX was granted a license to act in Estonia by the Estonian Financial Intelligence Unit, which means that the company will serve in more than one country when it is finally launched but that it will compliant with the legislation in all of its markets.