UK to Regulate Cryptocurrency Industry Within a Year, Says Treasury Secretary

Andrew Griffith cites post-Brexit flexibility in push for regulation, as global stance on crypto remains divided.

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Britain could introduce specific laws aimed at regulating the cryptocurrency industry within the next 12 months, according to CNBC.

The UK government unveiled plans in February to regulate the cryptocurrency market and put its proposals out for consultation, which ends on April 30.

Andrew Griffith, secretary to the UK Treasury, said in an interview on Monday that this cryptocurrency regulation could come into force within a year or so.

“We have regained control of the rules, something the U.K. hasn’t had for decades,” Griffith told CNBC, referring to Britain’s exit from the European Union.

“So we have the ability to move in a flexible and proportionate way. And I’m certainly keen to make the most of that opportunity,” he added.

Countries around the world, from Dubai to Singapore, are trying to stand friendly to this market in order to encourage businesses to set up there.

The US, meanwhile, has taken a hard line against cryptocurrency companies, with its regulators stepping up measures against the companies.

It should be noted that the largest valued cryptocurrency took a noticeable dip over the weekend and yesterday, and has now recovered to around $29,725. Shortly before 11am ET, it recorded losses of 0.7%. Yesterday it was down about 3%, marking the biggest drop since early March. Ethereum, in contrast, is gaining about 0.3% at $2,104.

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