The United Kingdom ought to alter virtual belongings within 12 months, a British lawmaker has claimed, as the country looks to capitalize on the benefits that blockchain can bring to the private sector and economy.
In an April 17 CNBC interview, Andrew Griffiths, the U.K. The economic secretary to the Treasury said the long-term vision is to “allow firms to make the most of the opportunities out of crypto assets” with better crypto regulation.
For the first time “in decades”, Griffiths claims, the U.K. Governments are now in a good position to regulate crypto in a “practical” and “proportionate” manner. He also referred to the UK’s exit from the European Union:
“I think the next 12 or so months is the window. We’ve got this great resource in the UK, we’ve got a rule book of control – not something the UK has. It has been for decades – so we have got were given the ability to move in an agile and proportionate way.”
It emphasized to lawmakers that the U.K. is now in a “growth” mindset to maximize the economic effort brought about by technology innovation in the private sector.
Griffiths explained that the crypto regulatory framework will blend existing financial asset laws with new crypto-specific rules.
“Wherever possible we would like to see the same assets regulated in the same way, but there are some extra possibilities withinside the crypto asset or dispensed ledger area, and we need to take benefit of that.”
He mentioned settlements and the usage of fiat-subsidized cryptocurrencies as an instance of what became covered withinside the monetary offerings bill. “So it’s coming sooner rather than later than the broader regulatory framework,” he added.
Griffiths said that a possible rollout of the UK’s proposed central bank digital currency – nicknamed “Bitcoin” by the public – has a long “lead time” and, therefore, may not be seen until next year.
Griffiths added that he would like to see a policy debate about privacy and the digital pound’s technology to address all concerns:
“If you’re going to have a sovereign digital currency, you have to have the highest level of resilience and infrastructure, so it won’t happen overnight.”
Brian Armstrong, CEO of crypto exchange Coinbase, met with Griffiths earlier this week while he was in London to discuss how the UK can “turbocharge” its crypto sector and ultimately give a speech. “Innovation Hub for the Web three Economy.
Coinbase’s crypto hub aspirations for Britain are in line with the views of Prime Minister Rishi Sunak, who while serving as finance minister explained last year that he wants to see the UK become a crypto hub.
Dubai, Singapore, and recently Hong Kong are some of the regions that have been pushed to become crypto hubs.
The United States, on the other hand, has substantially stepped up crypto-related enforcement actions since Gary Gensler was sworn in as Securities Exchange Commission chairman in April 2021.
