Andrew Griffith estimates that the UK could roll out crypto regulation within a year.
He noted that the UK is working hard to become a cryptocurrency hub, fostering innovation while ensuring progressive regulation.
Coinbase’s CEO recently revealed that the cryptocurrency exchange may move out of the US due to regulatory uncertainty.
UK Crypto Regulations Could Be Announced Soon
Andrew Griffiths, the UK Treasury Secretary for Economic Affairs, said: told CNBC In an interview earlier this week, he said the UK could roll out digital asset regulations within the next 12 months.
According to Griffiths, the UK wants to take advantage of the benefits blockchain technology brings to the private sector and the economy. The senior minister added that the long-term vision is to ensure sound regulation while allowing businesses to maximize the opportunities from crypto assets.
He pointed out that the UK government is well positioned to regulate the crypto ecosystem in a proper way. The UK’s exit from the European Union will allow it to consider crypto regulation independently of wider Europe. He said;
“I think the next 12 months or so is a window. You can move in any way.”
The senior minister added that the UK is currently in a growth mindset seeking to maximize economic efforts led by private sector innovation.
Crypto Regulatory Framework Consisting of New and Existing Rules
According to Griffiths, the cryptocurrency regulatory framework will be a combination of existing financial asset laws and new crypto-specific rules. he said:
“While we would like to see the same assets regulated in the same way whenever possible, there are some additional opportunities in the crypto-asset or distributed ledger space that we would like to take advantage of.”
He revealed that regulation of stablecoins is included in the Financial Services Bill, coming sooner than the broader crypto regulatory framework.
When asked about the UK’s central bank digital currency (CBDC) initiative, Griffiths said it would take some time before it could be launched.
“If you want to have a sovereign digital currency, you have to have the highest level of resilience and infrastructure, so it won’t happen overnight.”
this latest cryptocurrency news This is not surprising as the UK is one of the world’s leading financial hubs.
Earlier this week, Coinbase CEO Brian Armstrong said At Fintech Week in London, it was revealed that crypto exchanges may relocate out of the US due to regulatory uncertainty.