Hammond is also notably a member of the Treasury Select Committee, where he is responsible for government financial oversight and regulation. The exchange, dubbed IronX, is a regulated platform that has been jointly established by digital trading firm IronFX and EmurgoHK, developers of the ninth-largest crypto by market cap, Cardano (ADA).
The platform says it “aims to “bring crypto trading to the mass retail trading market.”
Hammond has served as MP for the constituency of Wimbledon in London since 2005, and reportedly worked in the financial markets for twenty years prior to starting his political career. He is quoted today as saying that, “we are all on a steep learning curve to understand this new asset class,” adding:
“The only way cryptocurrencies will be trusted and become accepted in the traditional business environment is through regulation […] This includes governments, policymakers, regulators and the financial services industry. Governments cannot afford to be ambiguous in their stance and need to engage with the industry.”
The MP continued to give a positive endorsement of the emerging sector, stating his belief that “a great opportunity exists to improve the current status quo of the financial system.”
IronX CEO Markos A. Kashiouris has stated that regulatory approval was a “key milestone” for the exchange ahead of its public launch, which is reportedly slated for this December. Last month, Ironx was granted a licence by the Estonian Financial Intelligence Unit (FIU), enabling it to offered crypto-fiat exchange and crypto wallet services.
As previously reported, Hammond’s fellow U.K. Tory MP and blockchain advocate Matt Hancock delivered a speech this spring in which he spoke of the “monumental impact” that blockchain technology could have on the financial sector, government services, and laws and regulation.
In late August, U.K. financial watchdog The Financial Conduct Authority (FCA) granted its third e-money license to date to a crypto-related company, prepaid crypto-fiat debit card Wirex, having previously granted a similar license to exchange and wallet service Coinbase in March.