Recent reports indicate that Britain is already planning to introduce laws targeting the regulation of the crypto industry in the next 12 months.
Crypto regulation in Britain
The British government plans to introduce some laws targeting the regulation of the crypto industry in the next 12 months. This is based on a statement from Andrew Griffith, the economic secretary to the U.K. Treasury.
Based on what Griffith said, the plans to regulate crypto began in February when the U.K. government created a direction for the regulations. Since then, consultations have been going on.
These consultations will end on April 30, after which the formulation and enforcement of the legal framework around crypto could come to effect within one year.
For years, crypto companies in the U.K. have called for more regulatory clarity.
Some countries have implemented some friendly policies to guide crypto. Others, like the U.S., have tough measures. The U.K. intends to combine some existing regulations while adding more modern ones.
A good example mentioned by Griffith is the Financial Services and Markets Bill which is still in the parliament. Based on Griffith, some of the Financial Services and Markets Bill rules will affect crypto and stablecoins.
Coinbase meeting with Andrew Griffith
The recent reports come only a few days after Coinbase released a blog post calling the U.K. a web3 innovation hub. Coinbase CEO Brian Armstrong recently had a fruitful meeting with Andrew Griffith, where crypto and regulations were the subjects.
Coinbase’s recent praises of the U.K. as a crypto hub come as the U.S. SEC pursues crypto companies with lawsuits. The latest to fall into SEC’s hands is the Bittrex exchange which is currently accused of violating investor protection laws.
When talking about the U.K., Coinbase CEO noted that he hopes banks will be more welcoming of cryptocurrency.