UK may introduce cryptocurrency-specific regulation within 12 months, top lawmaker says

A top British lawmaker has noted that the UK may introduce crypto regulation within the next 12 months. The UK government has recently been consulting on proposals to regulate crypto assets and the consultation period will end on April 30th.

The UK’s regulatory approach to cryptocurrency

Andrew Griffith, the economic secretary to the UK Treasury, has expressed his intention to make the most of the UK’s ability to move in an “agile and proportionate” way and bring in crypto regulation in a timely fashion.

Griffith suggested that the UK’s regulatory approach would combine existing regulations with new ones to ensure consistency in the treatment of assets and transactions. He highlighted the Financial Services and Markets Bill, which is presently going through Parliament and includes provisions for regulating asset-backed stablecoins.

Stablecoins are a type of cryptocurrency that seeks to mimic real-world assets such as the US dollar.

Although various jurisdictions worldwide have been trying to position themselves as crypto-friendly places, the US has been adopting a tougher stance, with regulators stepping up enforcement action against cryptocurrency firms.

Conversely, Britain has been striving to present itself as an attractive destination for crypto firms to set up. Last year, Rishi Sunak, the then UK finance minister and now prime minister, said his goal was to make Britain a “global hub for crypto asset technology”.

Cryptocurrency companies have been seeking regulatory clarity and urging governments to come up with frameworks for them to operate within. Griffith stated that the UK would take advantage of the opportunities presented by the crypto asset or distributed ledger space, but that it would mix existing regulations with new ones, where applicable.

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