Kingdom

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<p>The United Kingdom is gearing up to roll out comprehensive digital<a href="https://www.youtube.com/watch?v=0k3Nlyv-QE0" rel="nofollow noopener" target="_blank"> </a>asset regulations within the next 12 months, according to Andrew Griffith, the economic secretary to the U.K. Treasury. </p>



<p>In a recent interview, he emphasized the country&#8217;s desire to capitalize on the benefits of blockchain technology for the private sector and the overall economy.</p>



<h2 id="a-pragmatic-and-proportionate-approach">A pragmatic and proportionate approach</h2>



<p>Griffith shared his optimistic outlook on the country&#8217;s ability to regulate the crypto space in a pragmatic and proportionate manner. He highlighted that for the first time in decades, the U.K. government is well-positioned to move in an agile way, thanks to its regained control over its rule book.</p>



<p>This development, he believes, is instrumental in allowing the country to adopt a growth mindset and maximize the economic opportunities presented by technological innovations in the private sector.</p>



<p>The proposed crypto regulatory framework will comprise a blend of existing financial asset laws and new crypto-specific rules. Griffith emphasized the importance of regulating assets consistently while leveraging the unique opportunities available within the crypto and distributed ledger space.</p>



<h2 id="expediting-crypto-backed-settlements">Expediting crypto-backed settlements</h2>



<p>The economic secretary also mentioned the inclusion of settlements using fiat-backed cryptocurrencies in the financial services bill, which he expects to be implemented even sooner than the broader regulatory framework. </p>



<p>However, he stated that the rollout of the U.K.&#8217;s proposed central bank digital <a href="https://www.cryptopolitan.com/cbdc-jamdex-give-jamaicans-spend-send-money/" data-type="post" data-id="290081">currency</a>, popularly known as &#8220;Britcoin,&#8221; will have a longer lead time and is not expected within the next year.</p>



<p>Griffith stressed the need for a comprehensive policy debate regarding privacy and the technology of the digital pound to ensure that all concerns are adequately addressed. </p>



<p>He acknowledged the necessity for the highest level of resilience and infrastructure for a sovereign digital currency, a feat that cannot be achieved overnight.</p>



<h2 id="turbocharging-the-u-k-8217-s-crypto-sector">Turbocharging the U.K.&#8217;s crypto sector</h2>



<p>Coinbase CEO Brian Armstrong met with Griffith earlier this week to discuss how the U.K. could &#8220;turbocharge&#8221; its crypto sector and potentially become an innovation hub for the Web3 economy. </p>



<p>This vision aligns with that of Prime Minister Rishi Sunak, who expressed his desire for the U.K. to become a crypto hub last year while serving as finance minister.</p>



<p>The U.K.&#8217;s ambition to establish itself as a leading player in the crypto space is shared by other regions such as Dubai, Singapore, and recently Hong Kong, which have made significant strides to become crypto hubs. </p>



<p>In contrast, the United States has ramped up its enforcement actions related to cryptocurrencies since Gary Gensler took office as the chair of the Securities and Exchange Commission in April 2021.</p>

U.K. to roll out crypto regulation in the next 12 months

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