In the coming year, Britain may adopt regulations relating to cryptocurrencies, a leading politician said.
The British government laid out plans in February to regulate cryptoassets and opened its suggestions up for consultation.
In the coming year, Britain may enact specific legislation to control the cryptocurrency market, according to a leading legislator.
The U.K. government laid out plans in February to regulate crypto assets and opened its suggestions up for consultation. The consultation period ends Apr. 30.
Andrew Griffith, economic secretary to the U.K. Treasury, said in an interview on Monday that specific crypto regulation could come into force within a year or so.
“We’ve got control back of our rulebook, not something the U.K. has had for decades,” Griffith told, referring to Britain’s exit from the European Union.
“So we’ve got the ability to move in an agile and proportionate way. And I’m definitely keen we make the most of that opportunity.”
Jurisdictions around the world from Dubai to Singapore have been trying to position themselves as crypto-friendly places to encourage firms to set up shop there.
The U.S., meanwhile, has taken a hard line on cryptocurrency firms with its regulators stepping up enforcement action against companies.
Britain, however, wants to position itself as a place for crypto firms to come. Last year, Rishi Sunak, then U.K. finance minister and now the prime minister, said his ambition was to make Britain a “global hub for cryptoasset technology.”