The UK is poised to introduce comprehensive crypto regulations within a year, opening doors to the benefits of blockchain for the private sector and economy.
His Majesty (HM) Treasury Economic Secretary Andrew Griffith has suggested that the United Kingdom could establish a regulatory framework for digital assets within the next 12 months.
During an interview with CNBC on April 17th, the economic secretary emphasized the nation's long-term goal of enabling firms to capitalize on the opportunities presented by crypto assets through effective regulation.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
NEAR Protocol Explained: Beginner's Guide to NEAR (Animated)
Griffith expressed confidence in UK's government, claiming that for the first time in decades, it is positioned to regulate the crypto sector pragmatically and proportionately.
I think over the next 12 or so months is the window. We've got this great asset in the U.K., we've got control back of a rule book — not something the U.K. has had for decades — so we've got the ability to move in an agile and proportionate way.
Moreover, Griffin mentioned the nation's exit from the European Union, which granted the UK greater control over its regulatory rule book and the ability to act with agility and proportionality.
According to the city minister, the UK is currently in a "growth" mindset, seeking to maximize the economic benefits of technological innovation within the private sector. The proposed regulatory framework for cryptocurrencies will incorporate a blend of existing financial asset regulations and new rules specific to digital currencies.
Wherever possible we want to see the same asset 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.
The UK's move toward comprehensive crypto regulation within the next year demonstrates the country's commitment to fostering innovation and growth in the digital asset sector, ensuring a secure and flourishing environment for businesses and investors alike.
The ideas from HM Treasury Economic Secretary Andrew Griffith align with the recent news that the UK is set to collaborate with global crypto exchange Coinbase in an attempt to make the United Kingdom a successful Web3 hub.
