It has been announced that the UK intends to regulate Bitcoins and other cryptocurrencies within the country in the near future. In his presentation, Economic Secretary to the Treasury Andrew Griffith explained that the country remains committed to growing the economy and enabling technological advancement and innovation, including digital currencies.
Hence, the UK wants to ensure that consumers are protected by ensuring robust and transparent standards that are fair for all to follow. The announcement was expected, since around a year ago, UK officials had promised it would become a crypto hub.
There is little detail on the methodology of such a plan despite the press release’s heavy use of the words “ambitious” and “robust.” The press release is focused more on the intention and the path ahead than on the specifics.
Despite some concerns raised by some voices, the crypto community in the UK remains eager to welcome the official dialogue. Based on the announcement, it is obvious that several priorities will be addressed in the months ahead, including the intention that cryptocurrency exchanges and firms will be held accountable for ensuring “fair” standards for customers. A number of headlines have been updated about the collapse of companies under Sam Bankman-Fried, including FTX and Alameda Group.
Additionally, the UK has made it clear that it aims to “enhance consumer protection.” It also wants to fulfill the mission of the original policy and ensure that cryptocurrency exchanges adhere to fair but concrete standards.
The UK government will consider the feedback and determine the official response that will be presented to the public after the consultation ends on April 30.