VK wants to introduce crypto regulation within 12 months

It may not seem like it, but a lot of work is being done to regulate the crypto industry. The EEuropean Union plans to introduce new schemes sometime in 2024, and the United Kingdom does not want to be left behind either. According to a senior UK official, Mr the kingdom have already introduced new rules within 12 months.

Fast crypto regulation in the UK

Andrew Griffith, Secretary of State for the British Treasury, explains this in an interview with CNBC last Monday. The regulation must be both pragmatic and proportionate – it must remain possible to benefit from the crypto sector while there are clear rules for the sector.

According to him, it is the first time in decades that it is possible to position the country well for such a sector, precisely because of the departure from the European Union. Since Brexit, the UK has been in full control of regulation, while previously it had to take EU legislation into account.

He also states that part of the set of regulations will come sooner with other financial regulations. That will relate to settling payments with stablecoins. The government is aiming for the next 12 months for the introduction of general regulations for crypto.

When asked if there is any planning for the issuance of a digital pound (read: a CBDC or Central Bank Digital Currency) he stated that this project needs a long development. “There are challenges around privacy and there are problems with the technology. If you’re going to issue a sovereign digital currency, you need the best technology and infrastructure,” said Griffith.

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British banks in trouble

A few weeks ago it appeared that the British government is still very open to crypto – after all, this was one of Prime Minister Sunak’s priorities in the recent elections. But the banking sector in the UK appears to be less than happy about it. Recently, British banks refused to do business with crypto companies, presumably because they considered the sector too risky.

Not so long ago, the British banking system was in trouble because the British government bonds that the sector uses as collateral had fallen too hard in value. Meanwhile, Sunak’s Non-Fungible Token (NFT) project pushed aside due to a plethora of other priorities.

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