Member of Parliament and Economic Secretary to the UK Treasury, Andrew Griffith recently said that the United Kingdom is all set to have regulations with regard to cryptocurrency in the coming 12 months. This is because the authorities believe that the economy can benefit from blockchain technology if regulations are framed.
UK stepping back from the EU: A major advantage
Griffith also stated in the interview for CNBC that the decision of the United Kingdom to step back from the European Union has given them great opportunities as they have full control over the rules which has put them in an appropriate and agile place. This opportunity was missing from UK’s hands as Brexit disturbed its monetary system.
Meanwhile, the situation in the US is not encouraging for crypto firms. Griffith said that they want to be an open place and a major hub for the crypto industry and the regulatory restrictions in the US will invite more companies to the UK. The regulations that will be framed will be a mixture of both the old and new regulations.
The Prime Minister of the United Kingdom, Rishi Sunak is also very much interested in the idea of bringing in regulations for the crypto industry.
There is a pending bill in the UK parliament known as the Financial Services and Markets Bill. It has set up provisions for cryptocurrency but its main focus is stablecoin regulations. John Cunliffe has already told in a speech that the Bank of England has the main focus on stablecoins.
This matter is open for discussion until the end of April. Very soon the authorities will decide whether the regulations are required or not.