U.K. to Regulate The Cryptocurrency Space Within The Next 12 Months
As reported by CNBC, the U.K. is set to establish a comprehensive framework for cryptocurrency regulation within the next year.
Economic Secretary of the U.K. Treasury, Andrew Griffith, confirmed this plan on Monday. The U.K. hopes to position itself as a leading global hub for crypto assets and released proposals for regulating cryptocurrencies in February.
The government’s consultation period on these proposals will run until the end of April. Griffith noted that the U.K. now has full control over its own legislation following its departure from the European Union.
This means that the government can decide on crypto regulation independently, without coordinating with other countries. Griffith stressed the importance of the U.K. capitalizing on this opportunity and emphasized the need to approach regulation flexibly and proportionately.
In contrast to recent actions taken by U.S. regulators, the U.K. aims to attract cryptocurrency companies to establish their businesses in the country.
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The U.S. Securities and Exchange Commission (SEC) has utilized existing securities laws to regulate many altcoins and has filed lawsuits against exchanges for offering investments in them. In contrast, Griffith stated that the U.K. plans to incorporate current laws with some new ones to regulate cryptocurrencies.
Parliament is already considering the Financial Services and Markets Bill as an example of legislation that is partly oriented toward the nascent blockchain and cryptocurrency industry.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
