In the coming 12 months, the UK may pass special legislation intended to control the cryptocurrency business.
In an interview with CNBC, Andrew Griffith, the UK Treasury’s economic secretary, discussed the government’s plans to promote the UK as a “global hub for crypto asset technology.”
In February, the UK government announced its plans to regulate digital assets and invited input.
Control over the Rulebook:
Griffith emphasised the UK’s capacity to “move in an agile and proportionate way” as a result of reclaiming control over its rulebook following its exit from the European Union.
In an effort to draw businesses, other countries around the world, including Dubai and Singapore, are attempting to promote themselves as crypto-friendly locations.
The US, on the other hand, has adopted a tough stance against cryptocurrency companies, with regulators stepping up enforcement action against them.
Former finance minister and current prime minister Rishi Sunak expressed his desire to turn Britain into a “global hub for crypto assets technology” last year. The UK is attempting to draw cryptocurrency companies to the nation.
The UK government’s intentions to regulate crypto assets are currently in the consultation phase; this phase will expire on April 30. According to Griffith, specific crypto legislation may go into effect in about a year. The UK wants to establish a favourable climate for the cryptocurrency industry and establish itself as a pioneer in the sector.