Andrew Griffith – economic secretary to the UK Treasury and Member of Parliament – said the Kingdom’s authorities plan to impose a regulatory framework on the cryptocurrency industry in the next 12 months.
The rules will aim to drive the sector forward and turn Britain into a digital asset hub.
Regulation is on its Way
In a recent interview for CNBC, Griffith said the UK government is willing to enforce pertinent rules on the crypto sector and will discuss the matter until the end of April. He added that such legislation is expected to take place in the next year since Britain has finally gotten back on its feet after Brexit disturbed its monetary system:
“We’ve got control back of our rulebook, not something the UK has had for decades. So we’ve got the ability to move in an agile and proportionate way. And I’m definitely keen we make the most of that opportunity.”
The lawmaker added that the upcoming regulation will encourage the development of the asset class, aiming to turn the Kingdom into a global cryptocurrency center:
“Wherever possible, we want to see the same asset, the same transaction regulated in the same way. But there are some additional opportunities in the crypto asset or distributed ledger space, and we want to take advantage of that.”
Rishi Sunak – Prime Minister of the UK – is also keen on the idea. He said last year (when serving as a Finance Minister) that he wants to see the country emerging as a “global hub for crypto asset technology.”
Author: Dimitar Dzhondzhorov
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