The UK is considering crypto regulation within a year

The Economic Secretary to the UK Treasury explained, Andrew Griffiththat the Kingdom could put in place a regulation of digital assets within 12 months, stressing that the country wants to benefit from the benefits that blockchain technology can bring to the private sector and the country’s economy.

Also read: Coinbase is helping the UK in the “Web3” economy

where he said Griffithin an interview with Canal CNBC @CNBC On April 17, the long-term vision is to allow companies to make the most of the opportunities offered by crypto assets, with sound regulation of cryptocurrencies.

as claimed Griffiththat the UK government is now in a good position to regulate cryptocurrencies in a realistic and proportionate way for the first time in a long time, as it appears to signal the UK’s exit from the European Union.

On the other hand, he explained Griffith The cryptocurrency regulatory framework would blend existing financial asset laws with new crypto-specific rules, he said:

“We want to see the same asset structured in the same way, but there are some additional opportunities in crypto assets or in distributed ledger technology, and we want to take advantage of that.”

Worth noting, that Griffith He had pointed to settlement using cryptocurrencies backed by securities, as an example included in the Financial Services Act, and said it would come earlier than the broader regulatory framework.

He added that the potential introduction of the UK’s central bank digital currency, called Britcoin Britcoinwill be given much longer notice, and therefore will not be seen during the next year.

In another context, he said Griffith He wants to see a discussion about privacy policy and digital pound technology, to ensure all concerns are addressed:

“If you’re going to have a sovereign cryptocurrency, it has to have the highest level of flexibility and infrastructure, so it’s not going to happen overnight.”

Also Read: United Kingdom: NatWest Bank Imposes New Limits On Crypto Payments

It is reported that the CEO of the cryptocurrency exchange Coinbase, Brian Armstronghe had met with Griffith Earlier this week, while in London to give a speech on how to move the UK’s crypto sector into a hub for innovation in the UK economy Web3.