Britain To Be Able To Regulate Crypto Sphere Only In Two Years
It may take at least two years for the UK to adopt crypto market regulatory acts that meet all state licensing requirements, in accord with information on legal firm RPC’s website.
A corresponding forecast was made by James Kaufmann, the head of the legal department at RPC, who considers such a period the best scenario, basing on the report on cryptocurrencies prepared by the British House of Commons Treasury Committee, which was published in September 2018.
Adoption of legal instruments in such a complex and rapidly developing industry as the crypto sphere is a long process, Kaufmann stated. It is obligatory to thoroughly study the cryptocurrency market and learn from the experience of different countries. A number of other precedents indicate that the adoption of regulations may take years. In view of the issues associated with Brexit, the regulatory bodies will not soon pay close attention to cryptocurrencies.
The new rules may lead to the empowerment of the British Financial Conduct Authority (FCA), and questions will immediately arise regarding the regulator, namely if he has the required experience to regulate the crypto sphere, as well as specialists and financial resources.
According to James Kaufmann, one should be ahead in the competition for the creation of a functioning and regulated crypto market since the use of digital assets is becoming more common in Europe and around the world. Establishment of a balanced environment in the crypto sector will bring positive consequences for the market representatives and potentially increase tax revenues to the Exchequer.
Earlier, the study revealed that 30% of Londoners are ready to invest in bitcoin in the near future.