Former UK chancellor Philip Hammond joins Copper exchange as Chairman

Philip Hammond who served as U.K. chancellor from 2016 to 2019, has taken on a new role as the chairman of crypto trading firm Copper, FT reports.

The former U.K. chancellor has been an adviser and stakeholder in Copper since 2021. However, Hammond confirmed to FT on Jan. 26 that he has been appointed as Copper’s new chairman.

In his capacity as chairman, Hammond said he would work to raise more funds for the exchange at a $2 billion valuation. He disclosed that the funds will come from strategic investors including Barclays.

Hammond added that he will oversee the recruitment of more people with experience in compliance and regulation from the traditional finance sector, to help develop robust governance for Copper exchange.

The former U.K. chancellor expressed concerns that the slow speed at which the FCA is approving license applications has caused the exchange to lose its customers.

Hammond warned that the UK needs to move faster on creating an effective regulatory guideline for the crypto industry, or risk losing to countries like Switzerland which are ahead.

Hammond said the exchange is open to moving its headquarters from Switzerland to London if it receives the required authorization.

“We are very much hoping to migrate back to London, Hammond said. “Post-Brexit, the UK needs a strong financial services sector.

The former U.K. chancellor added that the U.K. needs to work out its regulatory framework for it to become the destination of choice for trading in crypto assets.