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The Guardian - UK
The Guardian - UK
Technology
Rob Davies

UNBELIEVABLE: Cryptocurrency firm advised by philip hammond withdraws uk application - The Untold Story

Philip Hammond Crypto United Kingdom FCA copper Switzerland
Philip Hammond, who holds a 5% stake in Copper Technologies, has criticised the UK’s lack of a full regulatory framework for cryptocurrencies.
Philip Hammond, who holds a 5% stake in Copper Technologies, has criticised the UK’s lack of a full regulatory framework for cryptocurrencies. Photograph: Kirsty O’Connor/PA

A cryptocurrency firm that employs the former chancellor Philip Hammond as an adviser has withdrawn its application to operate in the UK, after struggling to win approval from the financial regulator.

The Guardian revealed earlier this year that Copper Technologies, in which Hammond holds a 0.5% stake, was considering seeking registration in Switzerland rather than the UK.

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