UK Ambitious To Become Crypto Hub With New Law In The Next 12 Months
- In the next year, the United Kingdom may enact legislation to regulate crypto companies.
- In February, the British government announced proposals to regulate cryptoassets and invited public feedback.
- In addition, the UK is also looking at the potential of Web3 and the metaverse.
According to CNBC, Andrew Griffith, the British Ministry of Finance’s Minister of Economic Affairs, said that the UK may create special regulations targeted at regulating the cryptocurrency business over the next 12 months.
“We’ve got control back of our rulebook, not something the U.K. has had for decades. 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,” Griffith told CNBC.
Jurisdictions from Dubai to Singapore have been attempting to market themselves as crypto-friendly in order to attract enterprises to set up shop there. However, the United States has taken a strong position against cryptocurrency businesses, with authorities tightening up enforcement against corporations.
Britain, on the other hand, wants to advertise itself as a destination for crypto businesses. Last year, Rishi Sunak, the then-UK finance minister and now Prime Minister, stated his desire to make the country a “global hub for cryptoasset technology.” Griffith seems to be demonstrating the UK’s desire to do so.
In February, the British government drafted measures to regulate crypto assets and made them available for public input. The consultation session is set to finish on April 30. Griffith said that the UK’s regulatory strategy would combine current and new legislation.
“Wherever possible, we want to see the same asset, the same transaction regulated in the same way. But there are some additional opportunities in the crypto asset or distributed ledger space and we want to take advantage of that,” he said.
Moreover, the UK’s Department of Science, Innovation, and Technology will spearhead the country’s metaverse and Web3 agenda. The spring 2023 budget will be used to propel Web3 or Metaverse technologies into the future. The department will investigate possible economic development prospects, investment and business models, and regulatory concerns associated with ideas like Metaverse and Web3.
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