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Philip Hammond has joined a cryptocurrency broker as a consultant in addition to his post-Treasury responsibilities.

Former chancellor Philip Hammond has taken on another job, this time as an adviser to a Mayfair-based cryptocurrency trading firm, adding to the dozen or so he has taken on since leaving the Treasury in 2019.


Lord Hammond, a former foreign secretary who was an early supporter of bitcoin and other digital currencies, joined Copper.co on Monday.


The former chancellor, who was once said to be one of the wealthiest cabinet ministers, with an estimated fortune of £8.2 million, has taken up as many as 14 paid and unpaid jobs since leaving politics following a spat with Boris Johnson over Brexit.


Last month, Westminster's lobbying watchdog chastised Hammond for using his government connections to help OakNorth, a bank he is paid to advise.


Former cabinet colleague Eric Pickles, who chairs the Advisory Committee on Business Appointments (Acoba), said it was a risky move for Hammond to contact a senior Treasury official about an OakNorth project.


Lord Pickles stated that Hammond's use of his contacts in government was contrary to the rules' intent and was not acceptable due to "the privileged access you obtained for OakNorth."


After an investigation by the Office of the Registrar of Consultant Lobbyists, an independent body that monitors lobbying activities of former ministers and senior civil servants, Hammond was cleared of violating lobbying rules.


ORCL agreed with Hammond's argument that because lobbying was not his primary activity, he did not need to register as a lobbyist working on behalf of a third party.


Former cabinet colleague Eric Pickles, who chairs the Advisory Committee on Business Appointments (Acoba), said it was a risky move for Hammond to contact a senior Treasury official about an OakNorth project.


Lord Pickles stated that Hammond's use of his contacts in government was contrary to the rules' intent and was not acceptable due to "the privileged access you obtained for OakNorth."


After an investigation by the Office of the Registrar of Consultant Lobbyists (ORCL), an independent body that monitors lobbying activities of former ministers and senior civil servants, Hammond was cleared of violating lobbying rules.


ORCL agreed with Hammond's argument that because lobbying was not his primary activity, he did not need to register as a lobbyist working on behalf of a third party.


Copper stated that Hammond's priority would be to "promote the UK as a global leader in digital asset technology." The company, which was founded in 2018, recently announced plans to expand into the United States and Asia and received $75 million (£55 million) in funding from British billionaire hedge fund manager Alan Howard as well as venture capital firms Dawn Capital and Target Global.


Copper, according to Hammond, was a "true pioneer" of crypto and digital asset investment technology. "However, the truly exciting opportunity lies in the application of this technology to revolutionise the delivery of financial services," he said. "If we can bring the best of Britain – entrepreneurs, industry, government, and regulators – together to create and enable a blockchain-based ecosystem for financial services, we will secure the UK's global leadership in this field for decades to come."


Copper's CEO, Dmitry Tokarev, stated, "We would like to drive growth in our client base within a regulatory framework that will allow us to thrive globally from our London headquarters." With Lord Hammond's expertise bolstering our team, we look forward to expanding Copper and further improving the UK's digital asset technology offering."


As chancellor, Hammond advocated for cryptocurrency regulations to be as light as possible. "I'm curious about bitcoin." "Among central banks, the Bank of England, as you know, has been leading on looking at bitcoin," he said in 2018. "What is really important is that when we regulate cryptocurrencies, we don't unintentionally limit the potential of the technology that underpins it, blockchain technology, which has a broader and more important application."