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FameEX Hot Topics | Senior Minister Anticipates Implementation of Cryptocurrency Regulation in the UK Within 12 Months

2023-04-19 11:12:40

Andrew Griffith, the economic secretary to the U.K. Treasury, recently discussed the British government's goal of establishing effective cryptocurrency regulation that would enable businesses to fully utilize the advantages provided by crypto assets in the long term. Griffith is confident that the U.K. is now well-placed to regulate cryptocurrencies in a "pragmatic" and "proportionate" manner, following its departure from the European Union and regaining control of its rule book, which it had not had for decades. 

Griffith believes that the next 12 months are the ideal time to regulate cryptocurrencies, allowing the country to take advantage of the significant potential of private sector technological innovation. He stated that the crypto regulatory framework would combine existing financial asset laws with new crypto-specific regulations, and it is necessary to take advantage of additional opportunities in the crypto asset or distributed ledger space.
Griffith mentioned the financial services bill's inclusion of fiat-backed cryptocurrencies settlement as an example, which would be implemented before the broader regulatory framework. However, he noted that the rollout of the U.K.'s proposed central bank digital currency (CBDC), known as "Britcoin," would take longer to develop and would not be visible within the next year.

Griffith emphasized the importance of discussing privacy policies and the technology behind the digital pound to address concerns fully. He stated that ensuring the highest level of resilience and infrastructure is critical if a sovereign digital currency is to be established, which cannot happen overnight.
Griffith's statements indicate that the U.K. government recognizes the need to regulate cryptocurrencies to take advantage of their potential benefits while addressing any associated risks. Furthermore, the country aims to regulate cryptocurrencies in a balanced and proportionate way, avoiding the possibility of stifling technological innovation in the private sector.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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