Rishi says UK may have crypto legislation within 1 year

Prime Minister Rishi Sunak, who was finance minister last year, shared Coinbase's goal of making the UK a crypto powerhouse.

Rishi says UK may have crypto legislation within 1 year
Rishi says UK may have crypto legislation within 1 year

A British legislator asserted that the United Kingdom (UK) could draft digital asset regulation within a year, citing the country’s desire to capitalize on the benefits that blockchain can bring to the private sector and economy.

Andrew Griffith, economic secretary to the U.K. Treasury, stated in a CNBC interview on April 17 that the long-term goal is to “let firms make the most of the opportunities from crypto assets” with sensible crypto regulation.

Griffith claimed that, for the first time in “decades,” the U.K. government is in a position to regulate cryptocurrencies in a “pragmatic” and “proportionate” manner. He appeared to refer to the U.K.’s exit from the European Union:

“I think over the next 12 or so months is the window. We’ve got this great asset in the U.K., we’ve got control back of a rule book — not something the U.K. has had for decades — so we’ve got the ability to move in an agile and proportionate way.”

This led Griffith to assert that the U.K. is now in a “growth” mindset to maximize the economic efforts brought by tech innovation in the private sector.

Griffith explained that the crypto regulatory framework would combine existing laws governing financial assets with new crypto-specific regulations.

“Wherever possible we want to see the same asset 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 cited the inclusion of fiat-backed cryptocurrencies in the financial services measures as an illustration. “Consequently, this will be implemented even sooner than the broader regulatory framework,” he added.

Griffith stated that the proposed central bank digital currency (CBDC) of the United Kingdom, dubbed “Bitcoin” by the public, has a much longer “lead time” and therefore will not be implemented within the next year.

Griffith added that he would like to see a policy debate regarding privacy and the digital currency’s technology “thrashed out” so that all concerns are addressed:

“If you’re going to have a sovereign digital currency you’ve got to have the highest level of resilience and infrastructure, so that’s not going to happen overnight.”

Armstrong met with Griffith earlier this week while he was in London to deliver a speech on how the United Kingdom could “turbocharge” its crypto sector and ultimately become an “innovation hub for the Web3 economy.”

Coinbase’s ambitions for a crypto hub in the United Kingdom align with those of Prime Minister Rishi Sunak, who stated as finance minister last year that he would like to see the United Kingdom become a crypto center.

Dubai, Singapore, and most recently Hong Kong have made efforts to become crypto centers.

In contrast, since Gary Gensler was inaugurated as chairman of the Securities and Exchange Commission in April 2021, the United States has significantly increased crypto-related enforcement action.


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